I've kicked it around before as well. Having known and done business with several C&R holding folks, the notion is rather tempting. The paperwork and logistical headache is a legitimate concern though, doubly so that the ATF can inspect your premises/records.

Is the hassle of keeping meticulous records for years less than the hassle of going to your dealer every XXX days.

Personally, I find going to the gun shop and paying $20/pop worthy of my time. Purely because I find so many good deals there that my time is dual purpose. This week for example I got a lot of S&W grips from 1915-1980, some of which were rather scarce, for a bargain. Just because I'm the 'smith guy' and I stop in once a few times a month. Sure a C&R license would have eliminated the hassle for one gun I picked up, but I would've missed out on the other bargain, the experience in general, and the great displeasure of being stuck in traffic on the drive home. YMMV

The factory of the future will have only two employees, a man and a dog. The man will be there to feed the dog. The dog will be there to keep the man from touching the equipment. � WARREN G. BENNIS