In theory yes. In practice it probably wouldn't be all that smart. The ATF does need to be notified when the location / address of the firearm changes but that's about it.
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What's preventing a vibrant "non BATF involvement transfer" market for NFA items by simply changing trusteess whenever a "transfer" is desired? Transfer it into a dedicated trust once, and the change trustees as desired.
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Guessing on the answer to your 2nd question:
1. Folks that go to the trouble of setting up a trust and buying NFA items likely want to keep them and pass them down to family when they die
2. Most (maybe) folks register as individuals
3. Someone would want to be reasonably sure the new trustee was legally allowed to be in possession of a firearm. If the firearm was ever used in a crime the paper trail would likely lead back to the person that setup the trust originally and I am not sure how to explain to the ATF how a "Fred Brown" came to be a trustee of the trust and therefore in possession of the trust property.
4. Someone wanting NFA items will likely want to do things themselves to ensure they are doing things legally. Doing what you suggest could be a problem for both parties
5. No one would pay more to buy an existing trust than it would cost to setup the trust themselves and buy the items in question so I don't know what the benefit would be other than saving on waiting 6 months for a stamp.