There have been a lot of such questions, and it all depends on the state or even local law. Some folks have even posted to the effect that the 03 FFL supercedes state or local law, which it does not. One thing is clear - many states don't know quite how to handle the 03 FFL. Some state laws recognize it, others don't mention it, still others specifically dictate how it may be used. But state/local law has to be considered if one wants to avoid trouble.
MD is an example of confusion. If I understand correctly, the state has now ruled that an 03 FFL can "import" a curio or relic handgun legally, but cannot sell or transfer it within the state unless he registers it. This is a change from the earlier position that the gun had to be taken or sent back out of state and "legally" imported by a state licensed dealer before it could be transferred.