Absolutely. So, let's repeal the Hughes Amendment, and at the same time have the ATF make a "shall issue" licence which will require a 16hr class (including qualification), knowledge test, fingerprinting, and a background check every moth for the entire life of the permit. If you want a class-3 item, no problem, you just have to complete an additional approved class on that kind of firearm, have the endorsement put on your licence, and you're good to go.
As for ammunition, you would need to present this licence at the point-of-sale. If you reload your own ammunition, then you just need to present your licence when you buy supplies or equipment. We could even make it an offence to possess ammunition if you don't have a licence.
We would nee a junior version of this licence, though, just like there's a junior version of a hunting licence.
I agree and support allowing more medical agencies report a person to NICS. If someone becomes flagged, the licence will be suspended and the licence holder will have to remove the items from their possession. I know that I would be willing to hold my buddy's items if there were a problem he needed to address.
Also, we should require firearms to be stored in safes rated to prevent theft of the firearm.
I think all of this is perfectly reasonable, but the Obama Administration isn't heading in that direction. Obama is looking to disarm the public, and that's a danger to all the other rights.