Fully automatic weapons manufactured after that date are not currently legal for civilian ownership
This is an incorrect statement. TRANSFER or sale of a firearm manufactured after 1986 is prohibited. Self manufacture of NON-TRANSFERABLE firearms is not prohibited. Still have to have the proper paperwork and tax stamp though.
Now you’re just moving the goal posts.
You’re gonna end up quibbling with your own nitpicks,
...or nitpicking your own quibbles! HA!
I think you'd require an FFL / Manufacturer's license, and any NFA build application would require some documentation showing that the firearm was being made for a federal or state agency. Lacking that documentation, you would not get the tax stamp.