Ok I realize this is and big time necro bump but came across this thread again and a couple of links in my reading lately and it seemed like the most applicable place for it.
It looks like the whole "is a trust valid for NFA items in NC" confusion has been resolved. Or at least appears to be as of HB650 becoming effective on Dec 1, 2011. It seems that if your forms get approved with a trust and you're in adherence with federal law then your good to go on the state level as well.
http://www.guntrustlawyer.com/2011/0...usts-mach.html
http://www.angelfire.com/nc3/ncnfada/ (the second one is hard to read because of the crazy background they picked but is doable if you highlight the text)