Practically, probably not (in my opinion at least). I understand it has caused some added inconvenience to firearm purchases, but long arm registration really provides no additional barriers to legal firearm ownership; it just creates some additional paperwork and provides a centralized database of who owns which firearms.

As the your quote states, the real barriers to ownership come from the PAL (Possession and Acquisition Licence) process which remains in place. It's for this reason that some have been suggesting the current government take a step beyond simply removing the registry by replacing the PAL with something more like the old FAC (Firearm Acquisition Certificate) process.

I should add this is all second hand information for me as I am not a firearm owner.