The Form-1 really isn't that bad. A single sheet front and back. Now the wait...........................that's a fukin pain in the ass.
DON'T, DON'T, DON'T assemble an SBR without the paperwork. It's not worth the consequences if you ever come across Officer hard-ass. Between the fine and the prison time (and yes.....they will make an example out of you.......the ATF doesn't have a sense of humor) it isn't worth it. Compared to a 6 to 9 month wait to do the Form-1.
Don't hold my feet to the fire on this, but I believe that they can fine you (up to) $10,000, and (up to) 25 years (or maybe the other way around.....having a brain cramp moment) for possessing the above mentioned illegal firearm.