I don't know enough about what the ATF does to say. I can say the 4473 and all the associated stuff could be done away with by simply having a +/- mark on a driver's license regarding if someone is good to go. If a change in there status they have to renew the driver's license immediately.
The FFL would only need to look at it and verify that is the person. No more calling things in, record keeping, etc.
If someone is considered "safe" enough to be walking the streets free, then that is all that is needed.
If they aren't, then they need a .22lr behind the ear, or to be incarcerated.
