Using the 50 year old logic, AK 47s were first produced over 50 years ago. I would not expect to see those made before 1962 to be C&R eligible.
I would go by the BATFE CFR list if I was the dealer.
In a very rare case, if the AK was a 50+ year old transferable gun already in the registry, it most certainly would be eligible for shipment directly to an 03 FFL holder, provided he met all the other usual requirements for obtaining an NFA weapon. (I.e fingerprints, photos, $200.00 tax payment, etc.)