I just dealt with this issue. I initially had a Colt 16" HBAR that was just too heavy for its intended purpose as a patrol rifle. I sent it to Kurt's Kustom and had the barrel turned and fluted. There was weight savings of ~5 oz or 1/4 lb.
As I run a Surefire M500AB, that wasn't enough weight savings. I ultimatley bought an M4 upper and found it to be ideal. I shot both side by side and I did not notice any appreciable difference in the accuracy of the two units. I fired ~3,000 rounds between two carbine classes and never had any concerns with heat or accuracy. Pat Rogers made the point that while the HBAR heat more slowly, they also cool more slowly. You're actually more likely to have cookoff with a heavy barrel than an M4.
P.S. - For anyone interested, I have a nice, hardly used Colt HBAR upper with a turned and fluted barrel.