Corey,
I was in the EXACT same predicament re lightweight 6530 and M4. I ended up with a preban Bushmaster flattop 16" fluted upper on my Colt 6601 preban, JP trigger, antiwalk pins and speed hammer, A2 FS, w/ Eotech 552 and ARMS40 BUIS. I couldnt be happier. It cools quicker than any of my AR's, noticeably so. It's handy, and unbelievably accurate way beyond my abilities. I have had MUCH better luck with the A2 FS, buffer system. Last week I ran 550 rounds through this setup: PMP (3 different lots), SB (no explosions, it's old stuff and works great), SA military (3 different lots, and Malaysian. Nary a bobble. Sure, that telescoping stock looks COOOL, but it doesnt save me but about 4", is flimsier, not as comfortable, and I've had shorty reliability issues. Just my ramblings, but I hope the info helps!
cheers, Craig