A couple other notes in no particular order:
This all may mean a lot more interest in NFA...which could lead to a groundswell to repeal it. But, with the current political climate, I can't imagine that will happen.
Don't forget markings. Anything you may decide to Form 1 will have to be marked. Don't skimp here. As stupid as this all is....ATF WILL pop you if you don't have your gun marked to their spec in spite of trying to act in good faith and meet their terms.
There should be a push to at least change the entire NFA process and structure. I shouldn't have to fill out forms and ask permission to cross state lines with NFA items.
And the overall process is ridiculous. If we're not going to honor the 2A's intent and repeal ALL gun control (which won't happen), then at least streamline the process. Fingerprints required for the first submittal....after that, no finger prints (which is a big part of the delays from my understanding) just a background check to make sure you're still not a prohibited person (which is also bullshit frankly).
Probably should address the markings as well. What real purpose does it serve? It just complicates things. Get rid of that requirement.
Please don't construe any of this to be in support of these draconian measures. Just trying to find a legal way out of this mess.
"Necessity is the plea for every infringement of human liberty. It is the argument of tyrants; the creed of slaves."-William Pitt the Younger