I haven't been back here in a while, but thought I'd leave an update. I followed the general guidance from jrabenius and replaced the S&W barrel with an 18" fluted stainless steel barrel from the fine folks at Juggernaut Tactical, along with one of their nickel-boron coated BCG packages. I went with an adjustable gas block (nearly every AR308 is way over-gassed), and my favorite Troy aluminum hand guard and lots of squid grip inserts. I capped the barrel with a threaded muzzle brake from SilencerCo. I replaced the charging handle with an ambi model, and kept the rifle length buffer tube and Luth-AR stock. I've put a hundred and twenty rounds through the rifle (without playing with the gas block yet). Results? The heavier barrel has brought my group sizes down from 1.5"+ at 100 yards to a consistent 1" or so with decent ammunition (Nosler 165 grain BT Ballistic Tip). Zero FTF or FTE so far with the Nosler .308 commercial 165 grain Ballistic Tip, the 147 grain Federal Surplus FMJ, or the PMC Bronze 147 grain FMJ ammunition.
What's next? I want to try the range again with some Federal Gold 175 grain SMK's. A friend has been telling me it's the most accurate factory load for his M&P 10 - and he's using the same barrel I am. Figure it's worth a shot before screwing around with tuning the gas block.
Was it worth it? That depends on how you frame the question I guess. I'm much happier with an M&P 10 that is DPMS pattern and can use similar DPMS pattern aftermarket components as my other AR308. It is a lot of money - and will probably cost even more if I go ahead with a plan to install a 2 stage Geisselle trigger. The rifle works beautifully, and with a bit more work might make it to a sub-MOA rifle with the application of time, effort and, of course, more money. How you answer that question is going to be up to you.
Regards;
Rick