It's not illegal if you take the pistol grip off your postban before putting the folder on. I tried firing mine like that, not that bad if you have big hands like me, feels kinda like a saiga without the pistol grip. The bottom of the receiver is flat, so no obstructions. It becomes a folding stock "carbine" instead of an assault rifle. Just remember you can have the "EVIL" detachable magazine capability and only one other "Evil" feature. The "evil" features other than the magazine capability are 1) Bayonet lug 2)flash hider 3)Pistol Grip 4)folding stock and 5)grenade launcher attachments
Technically, as I understand it, if the ATF finds a feature (such as a pistol grip, when there is a folder installed) that can be readily added to the rifle on your premesis, it is as bad as having it installed on the weapon.
That means a felony.
Still, I figure it will be a heck of a lot easier to get hold of a pistol grip than a folding stock, if the AW ban sunsets. Everyone will want a folder if it sunsets, so prices will go up I bet. Of course maybe my logic is flawed, since they may just allow importation of more folding stocks to meet demand. oh well...I don't really believe it will sunset anyway.