I still interpret this as the Roosevelt Administration playing rough with an indigent defendant to get the outcome the President wanted for political reasons.
And yes, the NFA would appear to be ripe for revisitation, especially as regards suppressed and short-barreled weapons. Under Heller, SCOTUS might agree -- if we could see a case there before Obama assassinates CJ Roberts and elevates Diesel Kagan to be his Vanguard CJ and Sister in the Righteous Struggle of the Narodny Proletariat -- that fully-automatic weapons are armory weapons and ought to be kept there, but any man of reasonable military age ought to be found to be a member of the Unorganized Militia and able to obtain them without onerous and confiscation-minded federal legal or processual attachments.
The nice thing about "select-fire" rifles is that one need not trust to an "armory" to store one's arms. One's machinegun is just a selector switch click away. If one needs only semi-auto fire, then select THAT.
Storing community owned weapons in a common location is just exactly what motivated the government to move on Lexington and Concord. We should learn from history and not repeat its mistakes.
Whoever has the keys to the armory is fully armed. Whoever doesn't have the keys, is, at least partially, disarmed.