I don't think a separation need to be made between guns and other tools. I think there is evidence to support that the separation and taboo that is placed on fire arms leads to an ignorance and lack of respect for them, which is what makes any tool dangerous. I think if guns were more common place we'd benefit as a society.
This argument really only works for me for shotguns and rifles, and only for people who work on ranches/hunters/etc. This is really the only time I see a gun being used as an actual tool. Concealable handguns, fully automatic rifles, anything w/ armor-piercing capabilities, etc - these are not tools of ranching, they are the tools of war.
I'm not saying it should be 100% illegal in all circumstances for anyone to have a concealed handgun, full auto rifle, or even a submachine gun. There are legitimate reasons to own things like that. Even if you just want to have it as a toy, or part of a collection, I don't really mind.
I just think that under our current system of laws, it is way too easy for the wrong people to get their hands on both legal and illegal guns. Especially handguns. I don't worry so much about full auto rifles or submachine guns, I don't hear about them really being used to commit crimes very often. A .38 bought of the street otoh, is fucking scary. It will kill you just as dead as an AR15, and fit in a bad guy's back pocket.
Realistically, I don't know how to fix the problem, or even if it can be fixed. I've never looked into it, but I've heard that it's pretty simple to turn many legal firearms into illegal firearms with some modifications. And if someone really wants to get a weapon, you aren't going to stop them (you can make it more difficult for them though).
Anywho, back on topic: I think I'm probably more concerned about too much regulation of firearms than too little. Too much regulation may (or may not) be safer, but it is a bit too much Big Brotherish for my taste either way.