The only catch is, and someone please correct me if I am wrong, once the lower receiver is registered an an SBR, It is always an SBR (title II) and you must notify BATF if selling it to another individual who is qualified to own one (no felonies, etc). Also you can always put a longer barrel than what you stated on your form 4, but you can't put anything shorter, so go short (7.5" etc) when sending your paperwork so you have the options. Preban status has nothing to do with it; if is a postban, it can be an SBR, but all rules apply as for preban/postban rifles with 16" or longer. If it is a preban, you can have all the preban features. Also you have to notify your CLEO and he must sign the form (he can refuse, then you have to find another LE authority to sign, although I have never heard of this happening). It can take up to 180 days to get your form back, if it is not approved, the BATF will return your $200 tax.