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Nope. All that does is reinforce the original intent, which was to price NFA weapons out of the hands of normal citizens.
The problem is that with the scarcity all the guns are effectively higher priced than they would be with a new tax. A sten can be manufactured for how much? $500? Can you buy a sten for $4000 now? I think in looking around almost everything is at or just north of $5000. M16s are $12k+. Even with the larger transfer the price will drop in half for the most popular and get cheaper for everything. So, no, adjusting the transfer will not price people out if the registry is re-opened. It is an incremental improvement.
I think you are being a bit over simplistic, and ignoring some facts. There are essentially two categories of FA gun, those that are historical examples (meaning guns that are long out of production) and the rest, which are full auto versions of production guns.
You will always have a multi-tier price system, even if you repealed not just the Hughes amendment, but the entire NFA 34, it would still exist.
What would be different would be the number of dollars each level could command. Without NFA market distortions, your garage shop built Sten could be $500, yet an actual WWII Sten might be double, or more.
What's the going rate for as good condition WWII 1911A1?? Quite a bit more than a physically identical gun made new today.
And, even if you remove the huge market distortion caused by the Hughes Amendment, you still have the tax. A tax that is paid, EACH TIME the gun changes ownership. Your willing to "update" the tax to $3500? and you think that will somehow bring the price DOWN????
Remember that's $3500 each time. OK, you buy a $500 sten, and pay the tax. TO get your money back your sten is now $4000. You sell it to someone, who pays $4000 to you and $3500 to the Treasury. NOW, that sten is "worth" $7500. And to the next owner, $10,500, etc. And that's just the effect of the tax alone.
Yes, opening the registry will create a TEMORARY drop in the price of SOME guns, but it will very rapidly be replaced by the cost of the increased tax you would accept, putting these guns back outside the reach of regular folks pretty rapidly.