I've always seen this as fundamental right versus special right. For example:
Fundamental 2nd Amendment right: Open carry of any weapon, possession of any TYPE of weapon. (No more NFA).
Special 2nd Amendment right: Concealed carry of any weapon.
The basic, fundamental right to keep/possess arms is to protect the citizenry and to overthrow a tyrannical government. We are to police ourselves and the government and to have the means necessary to meet any army force for force.
At the point that you want to conceal a weapon it could be argued that you have different intentions (crime, covert protection) and the state could then require licensing. But public open carry should not be infringed or licensed in any way, shape, or form. This would be an acceptable "compromise" in my opinion.