It's a rimfire, which makes it exempt from needing a bullet button if you add a forward/pistol grip. You can add whatever accessories you'd like to the gun. Tube fed magazines are also exempt from the CA 10 round magazine law. The 120 round speed loader is not part of gun, so it's also totally legal.
CA gun laws explained in detail:
http://www.calguns.net/a_california_arak.htm
Notice all the restrictions on rifles only pertain to centerfire rifles.
Trick the hell out of it and then post up some pictures