Logical course of action to me seems like the ATF would seize bound books and try to track down these gun owners to do some arrests and confiscations.
The dealers bound book is one reason why I hate buying from an FFL dealer. I am a law abiding citizen, and have absolutely no criminal record, but it is the business of NO ONE how many guns I own, or what caliber they are. similarly, I tend to make cash transactions when buying ammo and accessories. In every country where gun confiscation has happened, it all started with registration which began with purchase records.
As for Feinstenis AWB, I honestly believe that it very well may pass. The NRA can (and has) been bought and sold just like any other organization, and while they always come out and scream "No Compromise", in the end, they will make concessions that are bad for the detriment to gun owners. They decry their "victory" over the gun grabbers, because they didn't let them take everything that they wanted. In the end, we will lose a little more of our freedom, and that will become the new status quo, just in time for the next round of constitutional infringements. That is how we went from "Shall not infringe" to "shall not infringe unless we say".
The problem is that everyone is concerned about their own little pet projects, and nothing else. we say "keep your hands off of my guns", but then we are more than ready to allow the government to infringe on the rights of others when we don't have a personal stake in the situation. Supporters of the drug legalization, Internet privacy, free speech, gay marriage, etc.; are all extremely passionate about their own rights, but don't care about the rights that the other groups are fighting for. That is how they keep us separate and splintered, and that is how they continue to steal our rights away from us.
Imagine if each of these advocacy groups came together, each supporting the rights of the others. It will never happen, because if it did, you would see real and honest change in this country.