Yeah I think it'd be more usable if it either cost 0op or even gave you some op or a straight 100% emp resistance or maybe more armor.
How does the emp bonus work? Is it 100% or 75% with the other hullmod? How much emp resistance do you need anyway?
The issue is, you need a LOTS of EMP resistance if you don't have a shield. An Ion beam is going to hit with 100% accuracy at 1000+ range doing 400EMP, an Ion Cannon drops 2 shots a second with 400 EMP, and an Ion Pulser dumps 10 shots a second with 600 EMP damage.
Base of 20 shots, or 30 with expanded magazines.
Shield Shunt seems like a good choice for an overdriven build on ships with trash shields, Heavy armor and more weapons than flux. Build into the hull Safety Overrides, Heavy Armor to save OP, and put Shield Shunt on top.
High Tech/Midline throw in Anti Matter blasters, Mining/Heavy Blasters, Plasma Cannons.
For Low/Midline, Light Assault Gun, Assault Chain Gun, HAG, Mjolnir Cannon, a few Dual Machine Gun to put pressure on shields.
Now I am going to have to try some of this. I think it would be complimentary to run multiple ships. Talking high stakes knife fighting fleets. Shield Shunt may force suicidal tactics, but it could elicit a whole different level of complementary aggression from your fleet.
Edit: Shield Shunt says damage from EMP weapons, so less damage from a Pulser seems like the best benefit.