Duke --
My computer with the ballistic data will be down a few more days (the old software won't run on a fast PC due to Pascal timing loops and no source code).
IBSZ came out of an attempt to create an easy way to zero the M4 Carbine for RC units without access to military posts at home station. Thousands of civilian ranges have surveyed 50 yard ranges. Lots of coincidences turned up and IBSZ works for both rifles and carbines and with both M193 and M855 Ball.
Colt's M4 barrel will probably have problems in a M16A2 receiver based on the M4's front sight. I could not zero this barrel and keep the front sight post lower than the ears. The sight on the detachable handle has a thinner base, so the sight will sit lower on the rifle. You may have to use the sight off your detachable handle. Bushmaster M4 barrel had no problems in the M16A2 upper.
Try zeroing with the standard sight before going to the trouble of swapping them.
-- Chuck