C&R transfer question.

I am trading a U.S. WWII rifle that is on my C&R books for a U.S. WWII rifle with a gentleman in another state for the purpose of enhancing my collection. This is permissable per C&R rules. Correct?

My understanding is that since the other gentleman is not a license holder I would need to log my rifle off my C&R books and ship it to a FFL holder in his state for transfer to him. Correct?

My understanding is the since I am a C&R licensee that the other gentleman could send his rifle directly to me and the upon receipt of his rifle I would then log it into my books. Correct?

Are these points correct? Am I missing anything?

TIA for any assistance!

Yes.
Yes.
Yes.

All such questions should be directed to the ATFE, never accept legal advice from anyone you don't have on retainer. if you live in New Jersey two of the answers would be "no"....

Possible, but PNW is not NJ.