I think it's a clusterf*ck of epic proportions cobbled together to try and redress other even f*ckier clusters perpetrated by previous legislators and court Justices.
All we need is for RKBA to once again be regarded as "the Supreme Law of the Land, the laws of any State to the contrary notwithstanding and the Judges in every State shall be bound thereby" and stupid stunt legislation like this one wouldn't need to be attempted.
As long as this legislation sticks to making Carry licenses akin to marriage/driving licenses... It won't do additional harm. I ain't holding my breathe that the current crop of GOP-ers can get that clean a bill past Dingy Harry's Senate or Zero's veto pen.
Well, here is one of the pratfalls:
Say this legislation passes, the FedGov will have to then put some bureaucratic agency in charge of it...who will it be?
Assume it is the ATFE, what happens if some Admin, or Senate, or more drastically, House, then charges the ATFE with collecting fees/taxes to support the scheme?
Like Class II weapons?
They could make the fees, duly regulated under the Commerce Clause, 1,000 per yr, or more.
Far better to take a Heller v DC approach and to pick off the reluctant/hostile states in court then to stick this under the federal umbrella.