I was about to get a GG&G rear sling thing for my M4A3 untill I found (well at least to me) a new Discovery......
On the standard ribbed M4 fiberlite telestock the BOTTOM MOUNTED SLING SWIVEL IS DESIGNED TO PIVOT TO EITHER THE LEFT OR THE RIGHT for tactical side Sling mounting![:O] I simply turned mine to the left side,tightened it, and it stays in place rock solid!(found out on the Rock River Arms site).
I used to loop my 3 point sling adaptor thru the sling cutouts with lots of binding, tangling and discomfort but ever since this "Discovery"occured to me I remounted my 3point on the PIVOTING Bottom Sling swivel and ALL PROBLEMS HAVE CEASED! Save yourself the $40 bucks. Turn and tighten the Pivoting bottom swivel and use it as it was actually designed for!
Hope this helps!