Thanks Matt. Another question: Is it ok to have the Collector's permit AND an FFL? At some point in the next year or so I intend to get my own FFL, but getting a home based FFL takes a bit more work. I'm on my way, but I'm not there just yet.
It is not a colector's permit, it is a designated collector status. In other words the MDSP just recognizes you as a bona fide collector in their record books.
To answer your question though, yes, it is possible to be designated as a collector and have an FFL. However! If you have just about any FFL type besides a C&R FFL, you are exempt from the majority of the regulated firearms restrictions anyway.
If you have a C&R FFL (also called a type 03 FFL or a Curio and Relic FFL), then you still have to do the seven day wait and the background check for regulated firearms bought within this state and you are not exempted from the one in 30 days purchase restriction like other types of FFLs would be, so it is a good idea to get both teh C&R FFL and the collector's designation.
As far as the difficulty of getting a C&R FFL, it is very easy and requires just a form and a $30 fee. The dealer, importer or manufacturing FFLs are a lot more involved and have certain requirements the C&R FFL does not have to deal with.