Dude (if I may call you that
), I think your plan is fine. I got a Sport a few months back and I'm quite happy with it. I bought it with the intention of swapping upper receivers from the beginning. I swapped to a BCM M4 upper receiver, it was a near-perfect match finish- and fit-wise, and I recommend you consider it. I've also made a few other mods to it. I'm using the original non-FA, non-E-port-cover upper for a dedicated .22 upper.
I have several Colts, so this is a beater, knock-around, training rifle for me. Nevertheless, I'm impressed by the value of this rifle.
So far, it works the way it's supposed to and I have no complaints.
You mentioned "upgrading" the barrel. You might want to think about that. The barrel in this rifle has a lot of features that other folks upgrade to. It has a 5.56 chamber, F-marked front sight base, M4 extension, 1-8 twist, 5R rifling, medium contour, and is melonited. What's not to like?
Buy it, change the upper receiver if and when you want to, put decent furniture and sights on it, and shoot the hell out of it.
JMHO.
ETA: I spent $540 for my Sport (on sale at Cabelas) and less than $100 for the BCM receiver. I have no doubt I could have recouped a major part of the receiver cost by selling the original Sport receiver on the EE. Considerably less than most quality parts guns you'll put together, and I have a factory warranty.
You can read a little more about mine in this thread:
http://www.ar15.com/forums/t_3_12/540969_Smith_and_Wesson_MandP_15_Sport____add_pics_of_yours_.html