HurricanE have released a "Shrike" kit for the M4 series (quick point of random note – Firefox users will need to break out IE as their website doesn’t work in Firefox because of some junk in the html code). The new kit consists of an upper receiver replacement, box mag and a new outer barrel, checkout the forum post here.
Specs from their site list the specs as:
Name: Shrike Machine Gun Conversion Kit, Price: 900.00 USD
Product No: GHE-MG-01
Desription: Fits M16 series
Material: G6061T6 Aluminum die casting with hard anodize finish
Includes: outer barrel, hand guard set, M1913 picatinny rail, metal upper & lower receivers, metal hop-up chamber, Minimi magazine (needs a Marui M16 magazine mech).