you probably just need to get some good ammo - check the ammunition forum here - and some good optics for the dogs.
the colt HBAR is likely to be more accurate than you right now until you get way used to it.
then later, if you feel like the rifle is holding you back and all other requirements are satisfied (good ammo that groups well out of your rifle, good scope), then you can upgrade the trigger, free float the barrel, etc.
most of the colts i have messed with have decent triggers to start with. if not, let that be your first upgrade.
right now, i'd just pick a good grouping load, set it up with a good, clear scope you like and shoot it, shoot it, shoot it. spend your $ on ammo for awhile.
look at Black Hills loads with Ballistic Tip bullets or Hornady V-max loads - its a 1 - 7" twist barrel, lean towards the heavier bullets - 60 grain and up, usually.
and try some cheaper stuff - hey if it groups well with Winchester varmint load value packs from Wally world, go for it!
as far as muzzle breaks, you really don't need them on a 5.56mm HBAR. increase muzzle blast and teh noise level goes way up. just run it with a clean muzzle if you're after varmints.
have fun with it!