There can be transfer between 2 C&R holders. Actually, I am not sure about that, I know an 03 can ship a C&R long gun 50 yrs or older directly to a 03 FFL holder in CA (this changes in Jan 2014), but I am not sure if they are both in CA. You may want to ask this question here: http://www.calguns.net/calgunforum/f...aysprune=&f=84
On edit, you got me curious, so I asked myself: http://www.calguns.net/calgunforum/s....php?p=9355371
The only sticky bits in CA are if the C&R is under 50 years old, or is considered an Assault Weapon by "evil features", for example a Yugo SKS which can fail both tests.
But no, there is nothing preventing you to transfer a rifle to a 01 FFL holder while you are physically in the state. If this is to transfer to a CA resident, they should be prepared to squeal like a pig, CA Dealers have a habit of making interstate transfers painful, as the laws limiting the price of transfers only apply when both parties to the transfer are residents. The buyer will also have to do the 10 day wait.