Thanks, Adam. I was fairly sure I had it pretty close to factual. You nailed it down.
I got my first one a bit later - 1971. Mine was the aircrew version CAR-15 with the very short barrel and collapsible stock. LOUD little booger, but much handier to try to wedge into a cockpit.
By then it was a very reliable weapon. I cleaned mine more than I shot it, but when I needed to shoot it, it always worked to perfection.
Adam's comments about the powder burn rate versus bolt cyclic rate are spot on. If I wanted to keep an M-16 or any civvie variant running happily and problem-free today, I'd feed it something like 4198, H322 or AA 2015.
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