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BornFighting88
1. Take C&R status away from it, therefore requiring me to “dispense of“ the firearm (to my self) via my bound book??
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You acquire a C&R eligible firearm and record it in your bound book.
What you do to that firearm later matters not one bit. If your gunsmithing results in you modifying it to where it no longer is a curio or relic, it just remains a Title I firearm.
Example: You have a Winchester 94 from the 1950's......you remove the buttstock and weld in an AR buffer tube and attach the latest Magpul shoulder stock. It's no longer C&R, but is still a Title I firearm.
If you decide to sell that rifle, note in your records who it was transferred to.
Either directly to a buyer in your own state or a licensed dealer in another state.
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2. Mean I must then go through an 01 to ship it, should I sell it out of state??
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Federal law allows anyone to ship a firearm interstate TO a licensed dealer, but does not require the firearm be shipped FROM a licensed dealer.
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Also, (and this is completely theoretical, I have NOT done this at all) should I sell it merely to get the funds to do another project, does that:
1. Constitute making money or conducting business with the license??
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Once, probably not. But understand the 03FFL is for collecting (as in keeping), not buying then reselling to enhance your collection. At one time guys would buy a dozen Mosins, keep the prettiest for themselves and sell the rest......that is clearly not collecting and ATF has issued determination letters stating that is engaging in the business of dealing in firearms.
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2. Fall under “Gunsmithing activity” to the extent of having to invest in a smithing license??
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One does not need a license to perform gunsmithing on his own firearms.
There is no "gunsmithing license". If you want to perform gunsmithing as a business activity you need either an 01 Dealer or 07 Manufacturer FFL.