I had to do another search, using the form number on the Megatron Club site, and it looks like Tiby had organised the gun toys to be grouped under the "Prohibited" weapons classification instead of the "Imitation" weapons classification that I had first come across.
Under the Prohibited weapons classification, you do need to be a current member of an approved collector club, but the four listed do not include the Megatron Club... so even though his option may have been set up back in 2011, the current version of the PDF form is 2013, so there may not be a guarantee anymore that registering for a Prohibited Weapons permit will be approved or waive the $127 fee. (it is a more expensive permit too, for the same 5-year period)
I will update that section to include both options... for people to consider which one is the best or easiest for them. (and in case the Megatron Club folds, people have a backup option)
And will check from the official source (when they reply to my earlier email), IF Gun-Formers are still applicable as "Prohibited Weapons", or just "Imitation Firearms"... or both.
If classed as a Prohibited Weapon, and IF they still waive the fee for the toy, the 5-year permit will cost $50 due to the Club fees, compared to the Imitation Firearm permit costing $75 for 5 years.
Hmmm.... now I'm wondering if other states that didn't mention anything about Imitation Weapons, also class toys and other fake guns as "prohibited weapons" instead. (I was only searching for the terms used by Customs)
I'll have to go back to each Police website and look again.