First stay away from Colt you don't need the Kool-Aid, the US Millitary manufacturor for the M-16A2 is FN NOT, I REPEAT NOT Colt!, Colt does the M-4, NOT the A2, so colt would not be more correct. Also don't buy into the nonsense about Colt being the only quality brand, there not, maybe 20 years ago, but not anymore, actually you could argue that some are better. Colt is the Firearms equivalent to Intel, and there Pentium Proccessors, it's a big name, and there very popular, but that name is all your paying for an AMD Athlon 64 would be much cheaper, and better than there Pentium 4, you could make the same analogy with Niki shoes, it's the "cool" thing to have, but are they any better then Rebock, or New Balence? No they just cost more because your paying for the name, the "prestige", the "privilige" to own some. It's the same with Colt your paying for the name thats all. Colt gets most of there parts includeing there forgings used for milling the upper, and lower recievers, from the same subcontractors everyone else uses, theres are no better you just get to pay about $300-$400 more for the "privilige" of saying but....but....it's a COLT! In addition Colt has a strong anti-civilian policy, and anti-gun policy, as evidence of this the rifles they sell to the government (Again the M-4 NOT the A2) are about $495, the exact same rifles in semi auto will cost you at least $1,000, but then it still really wouldn't be the same because Colt despite the fact that the ban is over still only sells there civilian rifles in Neutered "post-ban" configuration with the bayonet lug ground off, and an unthreaded muzzle, infact they began to do this BEFORE the ban even took place completly volentarily. Ofcourse you can still get them in the politicly incorrect form but there from Colts Police Line, NOT there civilian line, and they have a policy forbidding there dealers from selling these models to civilians, fortunetly though most choose to ignore them thats why you can find these, but never the less the policy is in place. Then even if you do get your over priced Police rifle it's STILL not right Colt has also ground off the selector stops to smooth oval shapes, the pin holes for the fire control group are oversize (they did this to both ensure that you must buy only proprietary Colt parts at a heavy markup, and to make it harder to use LEGAL Drop In Auto Sears) which don't look right on a clone rifle eighther, and untill maybe a year or two ago they did the same thing with the take down pins, thus the distinction between small hole (correct), and large hole (incorrect), in addition except for very early rifle like the SP-1 Colt pinned in a Sear block to prevent the instalation of Legaly owned Lightning links and Drop In Auto Sears, now they don't even mill that area out completely. So to sum up stay away from Colt unless you just HAVE to have the Kool-Aid.
Now as for building a correct M-16A2 clone it's pretty easy in that virtually all the parts on the market today are correct for the M-16A2, you need a standard lower, pistol grip, fixed stock, handgaurds, flash suppressor, and normal A2 upper, the only issue is getting the barrel, that is tricky you need a 1/7 twist chrome lined, and chambered, government profile barrel, unfortunetly very few companys make those, most make 1/9 HBAR's, which may or may not have chrome lined bores or chambers, they do this ostensivly because that twist rate will allow a wider selection of ammo from the light 40, and 45 grain varmint loads up to about 62 grains, but at the cost of 69 grain and higher loads, although you have about a 50/50 chance of being able to use 69 grain loads, but no more than that, and the heavy barrel is supposed to make it "more accurite", but in reality it's because 1/9 has become the industry standard somehow, and there to lazy, and or cheap to retool, and makeing all there barrels HBAR's saves a machineing step, and is thus cheaper, to make it worse most AR shooters eigher don't know the difference or fall into the "cool gun" crowd who don't care what it is, they only want it because it's "cool", they don't care what the twist rate or anything else is, as long as it looks cool, and will usualy misidentify the weapon as an M-16. Most of the remainder don't care, and insist that it's fine, that leaves a small portion who actually want the correct 1/7 twist rate, and profile, so theres not much incentive for the industry to offer any, as a result there usualy only limited runs or millitary over runs, and you have to go out of your way to find them, when I built my rifle in 2004 it took me over a year of searching to find one, I found it on a chance discovery at a gunshow, and had to pay about a hundred dollar premium for it, this was before the few online dealers already mentioned started offering them, that staarted just after I found one, it figures
. Although Bushmaster did have them then, as now it was a special order item, and I was holding off till the last minute before I went that route, trying to find them in stock someware.