"It's one sentence, and was overwhelmingly understood to limit ownership rights to militias"
So..."the people" being referred to in the second amendment limited to members of the "well regulated militia?"
If so, then it follows that you can by replacing "the people" with "well regulated militia," you get a better understanding of who is given rights under the BoR.
A few excerpts:
Amendment I--Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of "a well regulated militia" peaceably to assemble, and to petition the government for a redress of grievances.
Amendment IV--The right of "a well regulated militia" to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
Amendment IX--The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by "a well regulated militia".
Amendment X--The powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to "a well regulated militia".
Do you still think "the people" referenced in the 2nd amendment were limited to the members of the "well regulated militia?"
Feel free to don your thinking cap before answering.