Please reference the follow up thread as well.
The following is the ruling for now and language is still being discussed.
Outang will only hand out his stud once, just like bowie knife, but it is based on the dude receiving the effect, not the dude giving it, so each dude in a shootout can benefit from Outang at different times.
Let's say I have a stud with a Whiskey flask in a posse. They get hit by a "Sun in your eyes" and become a draw. Then Mr Outang moves to this location and joins the posse. Does my dude become a stud?
If they didn't have a Whiskey Flask beforehand, but equip one while Mr Outang is at their location, would they become a stud after being hit by Sun in your eyes?
Let's say Mr Outang is holding a Whiskey flask (so he's a stud) and gets hit by Sun in your eyes. He then uses Rabbit kung fu to leave the shootout and location, then come back in the shootout. Would he become a stud again since "this location" (Mr Outang's location) has changed?
No. The "this location" will always be the same for Outang.
Bowie Knife: This dude is a stud. If there is an unbooted non-Melee Weapon in the opposing posse, Bowie Knife provides no bullet bonus and does not make this dude a stud.
Let's say my dude has a Bowie knife (so they're a stud). They join a shootout where my opponent has an unbooted non-melee weapon (so they're now a draw). My opponent then hit my dude with Sun in your eyes. Does the "becomes a draw" part of Sun in your eyes take place?
He is currently a draw, so he doesn't "become a draw"
If after that, the dude with the unbooted non-melee weapon leaves the shootout, does my dude becomes a stud again?
He will become a stud, because Bowie never made him a stud yet that shootout.