The R0727 was a cataloged product with generally fixed specs, though there was some variation between the specific parts used:
14.5" 1/7 twist barrel with A2 compensator
M16A2 Match Sights
Two-position Telescoping Stock
M16A2 pistol grip
XM177/Carbine handguards
S-1-F FCG (the R0729 was the S-1-3 variant)
What's important to note is that there was no specification in Colt's commercial offerings as to whether telescoping stocks were old-style aluminum or newer Fibrite, or whether the lower receiver forging was A1-style or improved (A2-style). At least some examples were also made with lightweight profile barrels, though most appear to have been built with one of the developmental XM4 barrel profiles, a "government"-style barrel that was heavier forward of the handguards, but compatible with USGI M203s.
The XM4 (R0720) was a developmental weapon that began using the M16A2 Carbine as a basis (something quite similar to the R0727) and proceeded from there to test, improve, and standardize the different parts--however, throughout the majority of the development process, there was no fixed configuration, it was a developmental weapon, and a variety of different parts were used, all of which would be stepping stones to the final M4 Carbine (R0920) specifications.
The double-heat shield handguards were one of the components that were developed and standardized during the XM4's development process, as was the final barrel profile, the four position receiver extension, castle nut, and feedramp angle.
The XM4 was not initially envisioned as a "commando" weapon, but rather as more of what we would now recognize as a "PDW" and designed initially to replace SMGs before ultimately being designated in the Carbine role as successor to the M3 Carbine (conveniently, the XM4 nomenclature could be retained, since the last SMG to be type-classified was the M3 as well). The Marine Corps was briefly interested in it for Force Reconnaissance, however it both originated as, and ultimately was concluded during its long developmental period (~10 years) by the Army.
Meanwhile, SOF units had continued to purchase and use COTS weapons to replace aging XM177-series weapons (the rise of the MP5 as a commando weapon in the 1970s and into the 80s took some of the attention off of M16-based "shorties," though this period was actually relatively short-lived relative to the place that the MP5 now occupies in the modern zeitgeist--the move back towards M16-based weapons started around the mid-1980s, right when all the action movies started making the MP5 "famous"). When the relatively newly formed Army CT organizations sought an M16-based weapon, they chose to purchase the R0723, while the majority of USSOCOM primarily procured R0727 models for the roles in which XM177-based weapons and R653s had been previously used (the Air Force was also off doing their own thing putting together random parts to make carbines/SMGs).
Once the M4/M4A1 came online, there wasn't a need to purchase as many COTS weapons as they were now in the "mainstream" supply system, and the basis of issue included SOF (A1).
Also once the M4/M4A1 was standardized, Colt introduced new commercial models:
R0777/R0779--fixed carry handle M4 Carbine (M4/M16A2E), which began by using up R0727/723/etc. parts, then transitioned to using M4-spec parts
R0977/R0979--flattop M4 Carbine
The supposed "late" 727s that used M4 double heat shield handguards were most likely (it's impossible to say for sure without being able to check the receiver markings and/or POs) either later replacements/retrofits or R0777/779s that had been fitted with them from the factory.
~Augee