Nope. The line reads "that is owned or manufactured commercially or privately in Wyoming". This says that any weapon or ammo owned in Wyoming is covered. Since practically no firearms or ammo is made in Wyoming, this brings it into conflict with the Constitution itself . . . Article I, Section 8, Clause 3.
Congress's legislative powers are enumerated in Section Eight:
The Congress shall have power To . . .
3. To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
I'll bet you the brother in law of the legislator proposing this plans to open a firearms and ammo plant exclusively for Wyoming sales to avoid the commerce clause of the Constitution. It will go broke unless the stuff is extremely expensive and profitable. The Population of Wyoming is about the same as greater Baton Rouge. Tiny market, mostly rural. And anyone selling or transporting these expensive Wyoming guns and ammo outside the state would be subject to Federal prosecution. It will never fly with the voters.