Having your ammunition rotate around you is a really cool mechanic, and given a little bit more development time, I think it could result in something really satisfying to play. I could see it going in a bunch of different ways. That said, I don't think there's going to be a really easy way to communicate to the player that they take more damage the more bullets they have. Maybe if it just increased the hitbox so it was riskier and had a global cooldown on how quickly you could get hurt?
I'd love to play it again if you have a bit more time to work on some of the rough edges.