If you want to co-witness, you can't use a magnifying optic. With a conventional scope, you won't be able to see the front sight as the magnification will blur it out.
Red-dots are used because they provide quick target acquisition and allow you to keep both eyes open. (The M2/ML2 and EoTechs are not magnified) This allows you to have an unrestricted field of vision while presenting well defined aiming point. Also, most are parallax free which means the reticle stays on the target, even if you move your head.
If you're looking at regular M4 handguards with rails built-in like the Fobus/Samco units, I'd recommend against mounting optics on them. They aren't stable enough to maintain zero. I'd recommend you use a good gooseneck mount on your A2 and place an Aimpoint out there. Troy has a few pics of the sight picture on some other threads around here.