There have been a lot of issues with false positives (the wikipedia article on this is a mile long) but the consequences of a false positive are that you have to wait a week to purchase your gun as you identify yourself to your local chapter of the ATF (presumably) ....
A week? This would be a significant overhaul of the current policies. The TSA No-Fly List is separate from the FBI Terrorist Screening Database (TSDB), but is required to have all the names (not identities) from the FBI list. Under law, you can only challenge the TSA's decision to place you on the No-Fly list; The FBI list is secret, non-final, and not reviewable under the Administrative Procedures Act. But a challenge against the TSA is only successful if TSA made a mistake when making the No-Fly List, which means TSA added your name without any reason. If they point to a name on the FBI list though (which they won't even openly do during a complaint for security reasons), TSA's decision to restrict your travel is nonarbitrary and thus legally valid.
So if your name is on the FBI list, you can't challenge it; and if your name is on the TSA list, you really need to challenge the FBI list (which you can't). It's a disgusting, unworkable Catch-22. The only real successful way others have had to delist themselves (other than being a member of Congress) is to spend several years in Federal Courts suing for the extraordinary writ of mandamus. That is not fair, and it is not due process. "Liberals" used to hate this secret list. 72 DHS employees are on it. We're talking thousands upon thousands of names, not just "terrorists". But now, its apparently great that we have it because muh guns are bad mkay.