Because school shootings were rare in 1993, that wasn't as big a deal as it would've been just a few years later, even after the ultraviolent preteen villainy on display in RoboCop 2 (1990)—Danny was at least taking up arms against villainy—but as Anthony Linehan points out on his blog Movie Tie-In Toys, the hand accessory for Mattel's Danny Madigan action figure was a grappling hook, which "hasn't any basis in the movie itself!"
(Even two decades removed from its overhyped debut, Last Action Hero doesn't work as an action movie, a fantasy, or a comedy, but it did have potential. Its best line, in my opinion, is spoken by Schwarzenegger's character when he meets the "real" Arnold at the premiere of "Jack Slater IV," their franchise's latest sequel: "You've brought me nothing but pain." Now, there's a starting point for a great meta-movie.)
Incidentally, in an essay on morality in fiction in the winter 2015 edition of Pleiades, Phong Nguyen, the literary journal's editor, states:
I ask my writing students, "What's the difference between Hamlet the Prince of Denmark and an action hero?" Like any good revenge story, the hero gets his man in the last act, at the cost of his own life. But in the meantime, rather than battling the king's goons (though he does accidentally kill poor Polonius), the Great Dane is waging an internal struggle with his conscience. What does it mean to kill a man? What does it mean to die? When the ghost of your dead father comes to you in the night and says, "avenge me," your mission should be obvious. No further thought is required. Vin Diesel or Dwayne "the Rock" Johnson would simply ride in on a motorcycle armed with two pistols or a medieval axe and stylishly polish off Claudius with a cinematic flourish. They may even be right to do so. But they are not afflicted with doubt, or thought, so what we've witnessed is actually mere moral catharsis, the opposite of moral depth.
True, but could moral depth ever produce as memorable a twist on Hamlet's famous "To be, or not to be" soliloquy as the one that's followed by a huge, Elsinore-demolishing explosion in Last Action Hero? Doubtful.