I'm more in the "no regulation" camp. Felons and crazy people can get guns illegally anyway. If a person is that prone to violence that we would not want them to buy a gun, then why are they on the street? Just because some other laws such as probation, plea deals, are screwed up is not justification to put restrictions on a civil right.
Secondly, I don't believe in passing restrictive laws trying to eliminate every chance of danger. Up until 1968 we got along fine with virtually anyone being able to buy guns mail-order.
I think the violence we see today is not because of guns (we have far less access to buy guns today than in 1967), but due to failure of laws in other areas. And it seems things worked well with even less gun laws prior to 1934. I am all for going back to the gun laws or lack thereof of 1933.
What gun law since 1933 has made us safer exactly?