Generally like it, with a couple mechanical tweaks and a couple personal notes.
First, I don’t feel like Lock and Load does enough to nail home the class’s current mechanic of interplay between abilities. I also think the loadout suffers from just a touch of button bloat.
I might do something like remove Immolation Trap as part of the core rotation, since it fits generally the same purpose as Explosive Shot. Replace Cobra Shot with a Kill Command/Flanking Strike equivalent for Focus regen - I just firmly believe Survival should leverage its pet in a minor way as one of its available tricks. (Also, I think Cobra Shot is a needless reflavoring of the iconic Arcane Shot.)
I’d also, and this is entirely personal, replace Black Arrow with a frost-themed equivalent. Leave it with the DoT or replace the DoT with a brief debuff that offers a slight increase to the damage of one or more other attacks, but either way: I always felt Black Arrow was too closely tied to Sylvanas’ Dark Hunters in general and didn’t fit real well as an ability available to hunters across the board. Plus, adding a Frost shot in there would be a nice nod to old-school ammo options, which I loved.
I might also tie Multi-Shot to Explosive Shot instead. Make it burst Explosive’s debuffed target, rather than spread Serpent Sting.
I’d change Lock and Load to give Quick Shot a change to either reduce the cooldown on or reset a charge of Explosive Shot - or, if you’re feeling the gamble, immediately refresh the DoT or debuff applied by one of the “ammo” abilities.
Those changes would necessitate some changes to talents, but overall I’d play it. I particularly like the idea of Multi-Shot cleaving one of the normal shot’s debuffs, and your changes to Explosive Shot (which I find annoying as a two-press skill shot).
In fact, you just made me realize that I would really like modern Survival to have a frost-themed attack option.