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Not necessarily a bad perk on its own since it depends on your skill and playstyle. It is very price heavy. 4000 points to purchase the perk and then maybe some 2850 to spin the box for a good weapon. And then add 5000 for pack-a-punching it. Not to mention that if you go down, you lose it all. This is why, ideally, it should be reserved as a late-game (+17 round) perk, where money is the player's lowest of concerns. Though some prefer to risk it at round 14.
The third weapon slot does mess up weapon cycling, which may cause some unfortunate deaths in some tight situations. But it does change the long-running meta for zombies, which is to have a "wonderweapon" (doesn't have to be a literal wonderweapon, just has to kill quickly but usually has poor ammo and point income) and a weapon dedicated purely for getting points. Having an extra weapon allows for a more aggressive playstyle, letting you run out of ammo on one of your weapons without worrying too much about it. You also don't have to worry about the weapon fitting in either category of wonderweapon or point-getter so you can play with more variation in your weaponry. And if you think about it, the perk increases your benefit from max ammo drops since three ammo reserves will be restocked instead of two.
Late game, a viable tactic to do with mule kick is to constantly cycle your third weapon slot with whatever weapon the mystery box gives you, instead of sticking with a single weapon. This way you'll always have something to shoot with and keeps gameplay interesting. Using the same weapons for 35 minutes can get boring.
All things considered, it's a fun perk that lets experienced players change the pace of the game by going full Rambo.
