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So just because there won't be 100% compliance doesn't make it pointless, I would think that registration compliance would be a lot higher than people that keep their own records up to date and available. Keeping your own records won't deter people from selling to nefarious people either.
But is the cost and effort of setting-up/administering/maintaining a registry worth it to deter people from selling to nefarious people? Of all the ways crims can get hold of guns, what proportion come from naughty sales?
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