I've been building homemade water guns for over a year in the style of a 2 inch diameter piston water cannon. It gets its air from 3/8 inch air hose wrapped around it so that I can have the cannon ready on standby and take the valve "safety" off whenever I want to fire. For a brief time, I was able to get an 80 ft. (70 ft. effective) range at 150 psi, but have since taken it apart to make it better (and because I made mistakes).
My history aside, you guys have some killer ideas in this forum, and I hope you like mine.

As you know, regular APH water guns have separate tanks for air and water, and you force the water in your pump through one way valves to pressurize air. This results in top heavy setups that you can only hold upright, are not linear, and drop off pressure quickly.
Idea #1 is to put a piston in between the air and the water so it can be moved about, and to move the air chamber to a horizontal position, more resembling a water cannon, and allowing for greater capacity.
Normal APH's drop off pressure quickly because they essentially have small volume of air that start out at normal pressure.
Idea #2 is to pre-pressurize the air and install a pressure regulator similar to SSCBen's CAPH, to where there is the pipe with the piston in it (1''-2'' ID) which compresses air to purely air pipes which wrap around the main pipe (for ergonomics). A key difference is the addition of a ball valve bypass which can be opened to allow air to get around the pressure regulator (if the pressure regulator acts like a check valve, which some do), and then close to allow constant pressure (100+ psi) the other way.
A lot of aspects are similar to a water cannon and many to a CAPH. But what limits a CAPH (sorry, off topic from APH), is the need for external pressurization and replenishing of air. The Idea #2 I told (I'll post many drawings later) does not require extra air, because the system is contained from the bypass.
Idea #3 is to use the same pump for both pressurizing air and water. Instead of the fluid coming in the first check valve and being pushed out the second, the fluid has a choice of two (second check valves), one being sorted exclusively for air and the other only for water. The flow can be redirected into two possible paths: one to the air tank, and the other to the water chamber.
So in total, the water gun would require 2-3 Check Valves (depending on configuration) and 4 ball valves (1 for water flow path, 1 for air flow path, 1 for pressure reducer bypass, and 1 to shoot the water).
Again, I'm going to post a few pictures to make what I'm saying make sense. The packaging is the difficult part. How do you like it? Tell me if it makes sense, if you love it, hate it, or any of that.
Edit: When I said pictures, I meant drawings because this is just a concept. Sorry for the confusion.