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It is a 1:7. Perhaps a thousand rounds through it.
You are correct on the rear sight -- it is just a standard M4-style carry handle.
I am kicking myself as I was at Perry last summer but passed on the uppers.
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Search both the NM forums E&E ( http://www.usrifleteams.com/forums/index.php?s=67700714d758edca846219ffe79eb6c3&showforum=16 ) and the arfcom used uppers page. I've seen plenty of DPMS/RRA/BM/etc uppers for sale, ranging from 450 to the sky. You should have no problem finding an upper for six bills though.
But I wouldn't put any money into your current upper. You'll need a NM carrying handle, and a float tube, which will probably put you at 250. And then your barrel will still be holding you back versus a decent SS barrel.
Don't be so quick to hate on the GI front post though. After hearing about others using it, I made the switch from the skinny match post. Scores went up instantly, it seemed.