well, this has been to court and some courts have ruled that the 1986 ban overturns the NFA's MG section since the ATF can no longer collect making taxes on MGs.Interesting thing would be if it ever got to SCOTUS.
The courts would likely make 1 of 5 decisions:
1) The FOPA bans new manufacture and the NFA can stay in place (Worst Possible Outcome)
2) The FOPA reversed the 1934 NFA. Result would be all Pre-86 MGs would become legal to own without a tax stamp. This outcome is possible, but unlikely.
3) The NFA being a tax statute cannot collect becuase of the FOPA and therefore the court reverses the MG Ban in FOPA. This would mean we still would have to pay $200 for a nice little stamp. But, we could begin manufacturing MGs again. The value of Reg. Receiver M16s would drop from $8500 to $850. These guns wouldn't even have to comply with the 1994 AW ban since the aren't semi-automatic. Hmm, a Pre-Ban semi-automatic or a select-fire with all pre-ban features for about the same price. Which would you choose ?
4) Since the NFA can no longer collect, it is overturned. But, an outright ban does not fall withing regulation of Interstate Commerce. Result, All MGs would be 100% Legal w/o a Tax Stamp.
5) The The words "shall not be infringed" mean what the NRA has said all along. Result, somplete overturn of all Federal Gun Laws. Possible overturn of most state Gun Laws, including all AW Bans (PRK, PRNYC, PRDenver, PRCT, etc...)