The tables below shows the changes to kill three different armour classes (4+, 4+ RA and 5+). The three armour classes are now one after each other vertically rather than horizontally to save space.
The "Shots needed to Kill compared to" columns show how many shots would be required to kill each target because this is the number most people find easies to work with and most relevant. For example; number of shots required by a Current (AT4+) hammerhead to kill a Predator (4+ armour) without modifiers would be 4.
The "shots needed to kill" columns are from left to right: The Improved Version being examined, then the Current Hammerhead, then the Fireprism. The Falcon is too relevant to ignore (skimmer, exact same price, similar speed, some advantages and disadvantages) but I've seperated it from the main comparison because its range is shorter.
Table 1 - Comparing the Hammerhead if the Railgun was improved to AT3+Best performers are marked Green, second best performers are Yellow, worst are Red. (Expect the Current Hammerhead to frequently be Red) The falcon is separate, but if its score is Green it would be the best except for its range.

Conclusions: Improving the Hammerhead from AT4 to AT3 makes it better against all targets.
[] The Hammerhead would still be worse than FirePrisms and Falcons vs 4+ armour and 5+ armour.
[] It would still be significantly worse than FirePrisms and Falcons vs 4+ Reinforced Armour. Eg it would take 6 to [] kill a Russ without modifiers rather than the current 8, compared to 2.4 Fireprisms
[] It would be a better general anti-tank vehicle. All gains would be against all targets, it would now do better against its peers but still get significantly outshot by Russes etc.
Table 2 - Comparing the Hammerhead if the Railgun was given the Lance rule
Conclusions: Improving the Hammerhead with the Lance rule makes it better against Reinforced Armour.
[] It would still be worse than FirePrisms and Falcons vs 4+ armour and 5+ armour. The Falcon in particular has a large lead in every way except range.
[] It would be twice as good against Reinforced Armour. Eg it would take 4 to kill a Russ without modifiers rather than the current 8, compared to 2.4 Fireprisms. If it were to sustain and markerlight the target it would be as good as a Fireprism that fires without modifiers.
[] It would not be a better general anti-tank vehicle. There would be no impact on its performance against its peers, but it would be significantly more useful against RA. Specifically it would cause similar damage to the damage Leman Russes cause to Hammerheads.
[] This means that if the price of Hammerheads was to increase, they would actually be worse per point spent vs all armies not fielding RA.
Table 3 - Comparing the Hammerhead if the Railgun was 2x AT4+
[] This table shows the impact of changing the Railgun to 2xAT4+ (the same power as the Falcon's Pulse Laser).
[] Unless markerlights are added, the Falcon actually remains ahead in damage output because of its secondary AT5+ weapon.
[] I would expect a change like this to be difficult to place a cost on; 2xAT4+ is very powerful.
[] I also don't believe multiple shots is a good representation of the Railgun, and wouldn't recommend this.
Table 4 - Comparing the Hammerhead if the Railgun was given a rule that reduced enemy armour rolls, eg: "Non infantry units suffer a -1 save Modifier"

Conclusions:
[] Improving the Hammerhead with an Armour Reducer rule makes it slightly better against all Armoured targets, without any impact vs Infantry.
[] The affect is actually very similar to giving it AT3+ against normal armour (see table 1 above), but because Reinforced Armour rerolls its save the affect against RA is enhanced
[] It would still be worse than FirePrisms and Falcons vs 4+ armour and 5+ armour, except for being marginally better than Fireprisms against AT4+ when sustaining. The Falcon in particular has a large lead in every way except range.
[] It would be better against Reinforced Armour. Eg it would take 4.5 to kill a Russ without modifiers rather than the current 8, compared to 2.4 Fireprisms. That compares to 4 required to kill a Russ if it had Lance
[] It would be a better general anti-tank vehicle because reducing armour saves has an affect against all targets, and it would be a much better anti RA tank.
Comparing "Armour Reducer" rule: "Non infantry units suffer a -1 save Modifier" to "Lance"
Unlike Lance, "Armour Reducer" only affects vehicles. It improves damage output vs all AV rather than only RA. It has a much greater impact vs RA than non-reinforced, but still not as good against Lance vs AV4+.
My opinion - This rule idea is not as good as anticipated because while it does improve damage vs the intended targets it also affects all other targets.
IMHONote: Edited 22/2 after feedback from Yme-Loc
TL:DR - Give the Hammerhead something similar to lance but that only affects Armoured Vehicles, so not nearly as powerful as eldar's rule against reinforced armour INF.
EG; "Armour Penetrator - Tau rail weapons use linear accelerator technology to project a solid projectile at hyper-velocity. It is capable of punching through the thickest of armour and of taking down the largest of enemies. A Non-infantry unit with Reinforced Armour that is hit by an Armour Penetrator weapon is not allowed to re-roll its saving throw."Then test to see if cost adjustment needed, eg formation cost (225pts-250pts?). This would make Hammerheads
worse per point spent vs all other armies, but better vs RA.
That could be a lot closer to the anticipated affect of the Railgun we all know and love.