Okay, so this is what I ended up with using everybodys suggestions:
Yes, there's a reason why it has a severed hand attached to it.
"Hazardous Exercise Equipment" and "Dr. Shadowborg Hates Exercise" jokes may now commence.
In retrospect, I'll probably redo this with simpler "flat / rune" geometry so that it remains in keeping with the original ID1 and Fury Breaker styles. (this does serve nicely as concept art, and doing it gave me some good modeling practice.)