Ok I will wade out into this one, and give my suggestions
I have had several discussions in relation to the issue of burning out gas ports etc and the comments have always been to the effect that if the gas port area could be chromed the problem would be eliminated, therefore and I do not manufacture barrels, I believe the process is to make the barrel, cut the chamber, chrome line it and then drill the gas port.
I am currently running, full auto, both a M4 profile and a 11.5 from CMMG, when I purchased them they stated that they cut the M4 down to the 11.5 to meet my specs. Therefore I see no problem in having a barrel cut from a M4 (with the reduced size and weight under the handguard) to 11.5, not a lot of weight savings with a ll.5 granted. I would call John at CMMG and ask him, take up 2 minutes of his time and then make a concerted effort to buy from him in the future. He certainly deserves it as he delivers exactly what he says he can and it is always at the forefront of the industry.
I would not mess with the gas port to begin with, load a single round in a mag, fire it and see if it locks open on the empty mag. If not that is a gas issue and further research as to the proper size hole is warranted. You could even chance it by moving up one size drill bit at a time. Again probably won’t even be an issue.
For what you are attempting to accomplish, I believe it to be a completely acceptable risk, however for what it’s worth I would buy an 11.5 and have both barrels at the end. When you consider your cost of labor for the time spent it’s probably cheaper and gives you the option to backstep. If you play with AR’s any amount of time you know how often we change out stuff and then latter go back to a previous configuration that’s why we shoot ar-15.
Good luck, with your project