"We are not talking about privately owned warships, or even cannon, but the arm a soldier carries into battle. "
On the contrary. Those were legal too. In fact, that legality is implied by the power Congress possesses to issue letters of marque and reprisal.
You wanted a ship of the line? You built or bought it. You wanted cannon? You bought it.
My point was perhaps poorly made, but I was comparing the humble flintlock rifle (although muskets may have been more common) of colonial times to the standard issue battle rifle of today's military, and lamenting the infringement of the RKBA which makes it difficult at best to own the standard battle rifle of today.
At current prices, an M-16 would really stretch my toy budget, I'd have to save my pennies for a long time to afford an Aegis Cruiser.
Of course, were the M-16 as available as a pump shotgun, the price would come down for those and the AK, etc. I think warships would still be a bit spendy...