No.
The NFA is what defines a MG - and all the other NFA toys. If NFA was done away with, then nothing would qualify as being NFA, since NFA didn't exist anymore.
The Huges Amen. banned a specific type of NFA device. No NFA, no NFA devices anymore.
Therefore, MG's would be good to go.
Before the 86 ban you could fill out a Form 1, pay $200.00 and once approved make your AR15 into a M16 legally.
Basically in the most simple terms, the 86 ban defunded the Machingun Portion of the NFA for Individuals only.
Properly Licensed Agencies and Manufacturers can still produce Machineguns.