The last period in human history with this was called the Middle Ages. The murder rate has dropped 90-99% since then. And no, that's not because of nobility power abuse vs the normal population. That's because letting someone else having the monopoly on violence means that you don't need to pull your gun to defend your honour, show yourself to be dangerous or any other stupid reason violence is used in vain. Oh, and both sides are usually armed in gang murders, yet oddly enough, they're quite common.
The good outnumbers the bad as you said. What does this mean? Are criminals easier to catch? No, because no criminals in a western nations aren't safe because they outgun someone, it's because they can "hide" so to speak. More guns won't change that. It might, if the good old lynchmobs are coming back, but thier accuraccy are usually quite poor.
What the outnumbering does, is giving power to the people against the goverment. That's true. But it's vastly more efficient to use that power to influence those in power and prevent them from using the monopoly of violence against their own population. Can guns help against a dictorship? In some cases, yes. It does only help against the rise of a dictorship in it's final phase though. And it may as well backfire. A small scale rebellion will cement the new goverment's power and the belief that it will be the magic bullet will weaken earlier opposition.
For fun, a modern day peasant rebellion would be a violent underclass city rebellion. Eventually taken down, but forcing the goverment to reduce the burden for that class.
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