The general rule of thumb that I have seen, and which is sensible, is that private individuals should by law be permitted arms up to the same basic armament as an army infantry soldier. This was the standard in the time of Washington and Jefferson; we don't quite meet it today.
I can’t imagine applying for a CC permit for a grenade.
If that were the case, how would someone execute a Letter of Marque and Reprisal?
They wouldn’t.
They would need the equivalent of what in today’s world would be a battleship.
It was not the standard at the time of the founding. There was privately owned artillery, war ships etc. etc. The 2nd amendment means exactly what it says.
Why only basic armament?
I want an M4A1 with ACOG and M203 launcher.
And I want to carry it on the NYC subway.
What you see as “permitted up to”, the founding fathers saw as “minimum required” - read the Militia Act of 1792. Anything beyond that was more than common folk could afford - but if you could, you were more than welcome to bring to a fight.
This notion of RKBA being limited to one-man ordnance is absurd.
Not so. The Constitution authorizes Letters of Marque and Reprisal, allowing the use of privately armed shipping- and other forces; it is not limited to naval warfare- as private military contractors to engage hostile forces wherever they might be found. That means that the crew-served weaponry necessary for outfitting such foces must, of necessity, also be available for the use of the American citizenry and employees engaged in such actions.
Too, remember that Henry Knox, Washington's first General of artillery and said to be both "the father of the Army Artillery branch" and "the father of the U.S. Navy," was a self-taught amateur artillerist, whose personally owned cannon and experience developed fromm their use, was essential to the founding of this country. He was of such importance that he became our first Secretary of War, and at least four military installations have been named in his honor, the most recent being the one in Kentucky where the nation's gold is kept. Also named for him are several cities and counties, including the one in Indiana from which this response was sent.