The game was to feature a full on single player campaign, alongside a 4-player multiplayer split screen mode that also added bots into the mix. The solo game involved the player assuming the role of ex-marine and bodyguard Jack Travis, and it was up to you to protect Presidential candidate Kincaide through a varied series of missions (although evidence suggests they may have been mainly escort missions, Travis being a bodyguard and all).
I recently got to play a very early build of this mysterious game, and while I was unable to try it out with the light gun, I was able to capture footage from the first two missions.
While it is clearly very rough around the edges and has very little in the way of sound effects, voice acting or music, this early version of Take The Bullet was spread across several discs - one of which was the split-screen multiplayer death match (interestingly labelled as 'E3 Demo'). I managed to play this death match against an AI bot in single player but I recently had some pretty severe computer issues (basically a failed hard drive in my MacBook) and as such I lost all that footage.