Assuming (and this is a big assumption), the AWB goes away, of course we shouldn't stop there. Keep on the offense and the antis on the defense...
However, as much as I'd like to have the '86 MG ban repealed, I don't think it would fly with Bush in the White House. If he doesn't want to let the AWB sunset I doubt he would sign a bill to repeal the MG ban. Maybe in a second term where he didn't have to worry about re-election, but I highly doubt it.
But machineguns aren't the only thing the NFA covers. Removing the CLEO signoff would be a big plus. The way I understand it, the signoff was supposed to work like the Brady check is supposed to work now, to try to prevent 'bad' people from obtaining restricted items. With Brady this is obsolete. Then repeal Brady at a later date.
Removing suppressors from the NFA and making them unregulated might also be possible. There's quite a few 'enlightened'
European countries where suppressors are unregulated. Plus, think of the health and safety benefits from quieter firearms. Less people complaining about the noise from nearby ranges. Less damage to the children's ears. (It's all for the children dontcha know.)
Another thing we should concentrate on is the feds forcing reciprocity of CCW permits (not a fed permit, just making the states recognize each other's permits).