With a lot of modification, yes I do find it quite playable.
Dropped the weapons tables, and used the ones from Sorcery & Steam instead.
Added the automatic weapons fire from Deadlands D20 (why there are no rules for autofire in OGL Steampunk escapes me).
Added the option to spend an action point to lose a limb rather than die from a failed Massive Damage save.
Added prosthetics from Steam & Steel. (Both of these because I view prosthetics as a vital part of steampunk, and because with the damage from Amazing Machines so very high the game can be incredibly lethal.)
But then again I am a rules tinkerer, and view the expanse of D20 and OGL options as a giant smorgasborg.
I think the book could have used a few more months of development, but it was already late.
The Auld Grump