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Want to give a gun to your law abiding wife? You're a felon without a UBC. Want to will your collection your son? You're a felon without a UBC. It would make transferring of a legal piece of property between law abiding citizens into a heavily regulated and potentially criminal act.
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This is pretty much how I see it too, not to mention it's the first step toward registration in order to make it enforceable, so I say
NO WAY. My wife and I have a legal trust, so technically I don't think that "I" own anything, but will definitely want to gift firearms to kids in the future. Being required to run a background check on my own son (currently serving in the US Army in Afghanistan) or my daughters (both God-fearing law abiding citizens) is unreasonable.