Is it worth the hassle and expense to get one of these? It seems that every seller, vendor, dealer has a different take on the legalities of such a license, completely unique unto themselves of course.

Pardon my ignorance, but in a perfect world, or at least a perfect United States, does this license allow a gun that is 50 years or older to be transfered directly to the holder, essentially bypassing the FFL? Even if the original transferer does not have either?