Paperwork is minimal, just log in a bound book what C & R items you get using the license. The cost is $30 for three years. Seeing you live in one of the free States, you should be able to acquire both C & R pistols and C & R long guns in interstate commerce with a 03 C & R FFL.
However, not all dealers accept a C & R and they are no obligation to do so either. I have read comments in forums of C & R license holders sometimes have problems with using their license to buy a C & R firearm through Gunbroker from a dealer.
But there are places that do accept C & R licenses like Century and Centerfire Systems all the time.
Other than that tidbit, that might be the only other drawback with a C & R license, the other one being that the license is only good for C & R firearms.
Go to the BATFE site download the forms for the 03 C & R FFL license, and also fill out the separate citizenship certification (should be on there) . And you have to make a copy of the application and mail it to your local chief LEO ( like a Sheriff or Police Chief).