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30-20-104. Prohibitions. A personal firearm, a firearm accessory, or ammunition that is manufactured commercially or privately in Montana and that remains within the borders of Montana is not subject to federal law or federal regulation, including registration, under the authority of congress to regulate interstate commerce. It is declared by the legislature that those items have not traveled in interstate commerce.
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I agree with the logic of this language, but it does not correctly reflect current constitutional case law on this point.
If you build a suppressor without complying with federal requirements and you are prosecuted for that failure of compliance, this bit of state code (commendable in its aspiration) is not going to save you from enormous expense and possibly worse. A form 1 is cheaper.
I am not a criminal defense attorney, and not an expert in this area. I only responded because the answer to your question involves no grey area. You shouldn't risk it.