Assuming the heat shields are drilled to match the hole in the bottom handguard, the GG&G rail will fit without removing the heat shields. The only tool you'll need is a hex key (I think GG&G includes this along with a small thread locking packet). You do have to remove the bottom handguard to do the install. I estimate a maximum of 5 minutes to do the job, start to finish.
I have this rail installed on standard CAR handguards (not M4s) with a Surefire M900A. It works fine. Everything fits as tightly as the M900A I have installed on a Yankee Hill Manufacturing 2-piece 4-rail foreend on my other CAR.
By the way, don't pay retail for a GG&G. They go cheaply at auction on eBay from time to time (yes, I know eBay is terribly anti-gun, but good deals can occasionally be had). I bought one directly from GG&G. I later bought a second one (which I'm installing on the top handguard) for half of retail through eBay. Just a thought.