The answer to your question either a M4 or HBAR barrel depends on how you are going to use it.
If you will use it by moving around and carrying it for a long time the M4 is lighter and a good choice.
Disadvantages of the M4 is it will heat up faster when firing at a fast rate and make your accuracy worst, but the advantage is that it also cools down faster than an HBAR.
If you won't be lugging it around much the HBAR would be fine. You could fire at a fast rate without overheating the barrel and it will have better accuracy than the M4. Disadvantage of the HBAR is it cools down slower.
The weight difference are all under the handguards, the HBAR approx. 0.8" to 0.9" diameter while the M4 is approx. 0.64" dia. under the handguards.
I have a 16" M4 tactical CAR, a AR-15A2 M16A2 clone (plain no high speed stuff) and I'm currently working on my mid-length 16" mid-weight RECON style CAR.
Pics of my M4 & A2 link