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Offers of 3 ref+
http://www.tf2outpost.com/trade/6261294 (3 ref)
http://www.tf2outpost.com/trade/6382707 (Surgeons Stalhelm + Gold paint)
http://www.tf2outpost.com/trade/6383574 (3 ref and another offer of a key)
Sold for 3 ref
http://www.tf2outpost.com/trade/6609463
Sales for a key
http://www.tf2outpost.com/trade/6402646
http://www.tf2outpost.com/trade/6468542
http://www.tf2outpost.com/trade/6642215
Snatched up in less than 5 hours for 2.33
http://www.tf2outpost.com/trade/6683346
Conclusion: A key flat is a good, equal sale, but people are willing to offer up to 3 ref. Might be possible to get more, but the market is happy at ~a key at the moment.
The price is kinda wobbly on this one as well as on the other genuine Shogun set weapons, mostly because there are only a few of them on sale(5 on outpost if I counted correctly).
For example, I just did some researching and easily managed to buy one for 2.33ref(Don't know if that was pure luck since the trade had been up for 15hours as you said BUT the guy who offered 2.33ref, didn't come online in time: http://www.tf2outpost.com/trade/6683346 ).
I also managed to find someone who has been overpricing this item like crazy but seems to have gotten some ridiculously high offers: http://www.tf2outpost.com/trade/6002465 (99% sure that both of the offers are from trolls but you never know.)
i'm not going to upvote/downvote for now, just had to clear some things up. Good luck with your suggestion.