According to Ryan Cleckner a firearms attorney and former Vice president of Remington firearms and outdoors it is easier to to become a FFL than to do a form 4 which can take several months to a year to get approved. He is available by email for any questions pertaining a Form 4 or a FFL. An FFL application is much easier and quicker. Make sure to research the subject thoroughly with qualified personnel before proceeding.
If it were me I would want to be totally versed in the process before proceeding. This was explained by John Pierce the man up here that handles these types of cases. The form 4 is just the application. It's isn't the one all do all. In most cases fingerprints need to be given and in some cases a reference from a local law enforcement official can be required as well. As John Pierce said it can get extremely complicated and lengthy. I would email Ryan Cleckner for any further recommendations. A short email to him will make sure you have the full details on each process, the FFL and the Form 4. After that make up your mind on which would be the easiest and quickest way to handle this.
