What you want to do is exactly what ATF doesn't want you to do.
However, as long as you have a premises from which it is legal to conduct a firearms business, you can get a license to do so. You must engage in business as a dealer, but that doesn't require that you have a huge stock and run commercials for "Crazy FMJunkie's Gun Emporium" - just that you conduct your affairs in the manner of a business, have all appropriate licenses and permits, collect sales tax, and conduct business for more than just yourself.
If you live in a city, or anywhere with zoning codes, it's difficult, but not impossible, to run an FFL business from your home. If you live out in the sticks, or in unzoned or unincorporated areas, then it's no trick at all to get an FFL out of your residence.
For what it's worth, I have a manufacturer FFL (Type 07) out of my house here in the city. I was required to get a home occupation permit from the city specifically listing firearms manufacturing and sales, in order to get my FFL out of my residence. Once I accomplished that, however, there were no difficulties in getting the federal license, and my state/county and city sales tax licenses.
It might be worth at least checking into your local laws and zoning requirements before giving up on the idea.