You could just buy an Accesory rail from Denny's Guns and install it to your standard M4 hanguards, but it will not be free floated.
[url=www.ar15.com/forums/topic.html?b=7&f=22&t=153903]M4 Accesory Rail[/url]
The only options you have to free float your barrel with the bottom rail and without the removal of your existing barrel nut and front sight tower, is the SIR or RAS II.
All the other float systems require the removal of the barrel nut, front sight and muzzle device. You SOL if the muzzle device is permanently attached, cause now you need a gunsmith to remove it and recrown your barrel.
The cheapest decent float rail would be the OLY FIRSH, IMHO, for $99.00. Light weight and durable. Bushmaster has their own for $150. C-More's weigh more, fuggitabutit.
Its going to cost you about the the same amount of money to put on a free float system as it would to buy a RAS II (see these go for $300 of EE) or a SIR (saw one the other day for $315 shipped).
Here's your lowest estimation:
Shipping upper both ways $25.00
Float tube $99.00
Labor Fees at $70.00/Hour $70.00
(without barrel work) Total $194.00
Throw in at least another $50.00 for any barrel work and now you are at the $250 mark and still on the low end of an estimate.