By Colt, I assume you mean a Colt AR-15 as you mention ammo for it, but no details of that rifle, so hard to say for you.
I have the SOCOM, with the conventional looking stock, and not all the rail handguard stuff. Personally, I don't find the blast too much to shoot - but I wear plugs and muffs all the time, as I shoot a bunch and hearing loss is cumulative.
I've seen that model being sold for 1700 or so - the SOCOM II generally goes for more I think as it has the extra rails.
I really like mine - it's short and handy and light for a .308 mag fed, and the conventional stock makes it less wide than an AR pattern. Good iron sights, and I put a red dot on the handguard rail.
Wasn't sure if I was going to like it or keep it, but I got a good deal on mine and bought it. Now it's top 5 of my rifles.
Get it, try it, can always sell it off later for as much or more than you paid.