There are many different red dot scopes available and I found one that gets mounted on the handguard. Target acquisition is done by looking through the standard A2 rear sight, through the red dot and the front sight actually splits the red dot in half.  Having these three line up is what dictates the point of aim.

I figure you would get better accuracy due to having a 3 point reference (back, middle and front) as opposed to just 2 points of reference (back and front sight), but is this no creating redundancy? Why not line up four sights?????

The main question is with this configuration (primarily due to the red dot), will it allow for faster target acquisition or will it be slower due to having 3 reference points.

3 points is an old dog! try Aimpoint or an EOTech...

1 red dot.  Once zeroed in put the Dot where you want the bullet to go and squeeze of a round.