How is it Tinfoil when by your own implication the list could be used for something useful (like identifying very active gun transaction participants), if not already?
I understand if it makes LEO feel more prepared when they get a call to investigate to get "situational" information on what they might encounter. That's real value of the list currently (although completely Unconstitutional).
The only direction that the use of this information can go is that which infringes even further on 4th Amendment (much less 2nd Amendment) Rights.
In your hypothetical,
I highly doubt that the situation suggested here would end with "End of Story".
You may highly doubt it all youd like, but Ive been involved in 3 separate scenarios within my jurisdiction that ended just like that.