Pardon my ignorance, but in a perfect world, or at least a perfect United States, does this license allow a gun that is 50 years or older to be transfered directly to the holder, essentially bypassing the FFL? Even if the original transferer does not have either?
In a word, yes. But technically you are not bypassing the FFL, because you are the FFL. Also keep in mind that certain states (the usual suspects) have laws that render the license useless.
I had one for a few years, when I was into surplus military rifles. It was fun because I could order at wholesale out of the catalogs and get piles (quite literally) of guns in the mail. I'd buy, sell, trade...postage was cheap....one could mail a rifle for $10 or $12 those days. Not anymore.
It was not really a hassle to get, just a simple form IIRC. The paperwork is dead simple too, much easier than a 4473. You just record the transaction in your bound book. What a lot of guys don't like is being subject to inspection by the BATF. Most reports are that the agents are professional and courteous, but nevertheless...some don't wish to deal with the possibility of inspection. I was never inspected.
It was worth having for the military rifles, and the discounts from Midway, Brownells, etc. However I am not sure I would get one if I was only doing a handful of purchases each year.
