I have not much experience with Kel-tec, but they seem okay. Normally I'd say stroll towards it. In today's world, run!
Word from my local dealer about the change in Michigan handguns laws is that it all depends on what local politicians feel about it. The law was substantially changed because the current NICS check, paid through our federal taxes, works better than the past pathetic Michigan systems, and is free, saving money and people at the state and local level from mindless paper shuffling.
The original bill also had the provision of eliminating the state paper purchase permit, which has never solved a single crime with a registered handgun in the 80-some years of existence. That portion was dropped at the insistence of liberals and police executives, but I repeat myself. But the initial begging process for the first-time purchase permit is gone, as is getting a piece of paper before you purchase subsequent handguns.
The "trash all the state police paperwork in Lansing" portion became a separate bill, which was strongly opposed by the liberal establishment and RINOs, too. As one local rag put it, "$50 million per year spent on the state police paper licensing is a small price to pay for the feeling of safety it produces." So that still exists, but also includes modifications in present procedures.
If you've never bought a handgun in Michigan before, just go to your FFL dealer and buy one just like you would a long gun. If NICS approves, the dealer fills out a paper 4473 (the fed's big hammer) and a state paper registration for the handgun. Drop off the state/county copies with your local police within 10 days, keep the pink copy with your handgun for 30 days (to allow for the $50million/year Michigan paper system to work), and you're done. Where I live, I don't even have to hand the physical paper over to the record clerks. They now have a clear plastic lock box next to the police desk in the lobby, manned 24/7. I just take one of their little envelopes, provided for anybody who desires a bit of privacy, put the 3x5-sized forms inside, and drop in the slot.
Before I got my CHL, I'd go to the records office to get a purchase form. They'd run a NICS or NCIC check themselves before giving me the paper, even though the dealer would do the same thing again. Michigan law forbids local agencies from charging for any of this, but most are so desperate for money that they tell you "we don't care, pay us $20 for notarizing this, or no permit". Dealers almost always have free notarization on site. Doing all of the purchase paperwork with the dealer saves one stop at the local records department, and a $20 illegal bite out your wallet.
Private purchase of a registered handgun would require you to get the sales permit first from police department. That usually means the $20 illegal fee, although in the good old days, if they were feeling generous they'd let you get the final results notarized however you wanted. After that, turn in the final paperwork as usual. They did away with the sham "safety inspection" years ago, where you brought your handgun AND the paperwork back for the police blessing.
The police would be happy to register your out-of-state handguns for the same reason, and the same $20 a pop. But to be brutally honest, unless it's a factor in a larger criminal infraction, possession (NOT concealed carry) of an unregistered handgun is a misdemeanor at most, and prosecution would cost more than the fine would recoup if they went to a full court press, and the court clerk agreed to reserve valuable court time. 99% of the time, if you're stopped, the cop will advise you to please register it, but that's all he can do, assuming he's ambitious enough to do even that.
Sorry to ramble so long, but that's life under current Michigan law. Prior to this, Michigan was one of the "easiest" of the restrictive states. Now it's probably the "hardest" of the "easy" states.