The 1/7 barrels shoot 55 gr XM193 plenty accurately. There was a good discussion about 1/9 vs 1/7 not too long ago and people have shot all the way down to 40gr bullets out of 1/7 barrels. The only thing to avoid are the thin jacketed varmint rounds.
If this new upper may be used for SHTF or self defense purposes then go with the LMT so you can have the option to use the best 5.56 available. IMHO, the 1/7 will give you more options and you will not miss anything from the 1/9...
Here's a link to the thread I mentioned above.
www.ar15.com/forums/topic.html?b=3&f=12&t=190881As for the M4 feed ramps, some people feel they are not really need and they're right as long as you use the proper ammo and your magazines are in excellent working order.
In my experience the M4 feed ramps makes your carbinre more reliable and tolerent to a wider variety or ammo and magazines of conditon. It's not a need for a range gun but I'd certainly want on a gun I'll bet my life on.
If I was buying a new carbine upper I'd want the M4 feed ramps because I view them as a real product improvement.
Here's an excellent thread with alot of good info on the M4 extended feed ramps.
www.ar15.com/forums/topic.html?b=3&f=118&t=191733