I'm not sure if you've seen this interesting development out west, but it seems to make good sense to me. And interestingly, the judge who made this decision was nominated by then President Clinton.
"A federal judge has overturned part of a California law requiring a 10-day waiting period for gun buyers, ruling that it does not apply to those who already own firearms.
U.S. District Judge Anthony Ishii of Fresno ruled late last week that "10-day waiting periods impermissibly violate the Second Amendment" for gun-buyers who already passed background checks or are authorized to carry concealed weapons.
"There is no evidence that a 'cooling off period,' such as that provided by the 10-day waiting period, prevents impulsive acts of violence by individuals who already possess a firearm. A waiting period for a newly purchased firearm will not deter an individual from committing impulsive acts of violence with a separate firearm that is already in his or her possession," he said in his ruling."
"Ishii delayed the effective date of his order for six months to give the state time to appeal or the Legislature time to adopt new rules. For instance, he suggested lawmakers might want to change state law to allow law enforcement officials to delay the delivery of a firearm if they have reason to suspect that the buyer intends to illegally pass on the weapon to someone else."