Sigh.
S. P. Gardebiter made a weapon hacking FAQ (
http://www.cavestory.org/guides/WeaponHack.txt), it gives the location of all of the offsets of all the shot data, including: Damage, Penetrating power, range, flags (pass though solid, ect.), and maximum number of shots on screen. For example, the polar star has this listed in its maximum # of shots:
0x1DEA5 - Polar Star level 1
0x1DEA5 - Polar Star level 2
0x1DEA5 - Polar Star level 3
With all of them being at the same offset, it means that all of them have the same # of maximum shots on screen (by default, 2).
So, to change this to 1, you open up your hex editor and open your Doukutsu.exe, jump to hexadecimal address (Ctrl+G) 1DEA5, and then change the value to 00 instead of 01. Just a note, all the numbers must be written in Hexadecimal (base 16) (and had 1 subtracted from it when changing the maximum # of shots on screen--not sure why) instead of our ordinary base 10 format.
I lost the original download link to the hex editor I use, so, if you need it, I uploaded a rar of it here:
http://www.mediafire.com/?mjdfyun4yze.
Here's a quick screenshot of the hex editor with the goto window open, and the address selected.
Also, a fun fact: Only bullets spawned by guns are effected by the on screen limit, bullets not spawned by the gun effect the gun's ability to spawn bullets, but are unaffected by the limit.