There is a thread in the 15-22 forum that might give you an idea of what your 1/3 co-witness would look like >
http://smith-wessonforum.com/smith-wesson-m-p-15-22/132223-absolute-co-witness-1-3-co-witiness.html
Look at post #9 in that thread from Kirtsky. See that red dot scope? Thats an Aimpoint T-1. The Bushnell red dot (In the link I posted previously) is similar for the red dot center line as the Aimpoint T-1. The co-witness happens in the lower 1/3rd of the red dot sight. Does that give you an idea?
For the same 1/3 lower co-witness, Primary Arms has a Cantilever mount for $24.99 >
Primary Arms High Cantilever 30MM Mount
If your going cheaper than the $24.99 for the Primary Arms Cantilever mount, your probably going with risers then and using the rings supplied with your Bushnell Red Dot.
My first thought for this type of weapon is always tactical use. I don't use risers myself, and don't know anyone in a tactical use that uses them either but there are those that do, so risers are not my first choice. The reason for not using risers as a matter of routine (some things just need them though sometimes) in tactical is for many reasons but some of them are to lessen possible failure points. The more vertical you go with a device the more prone the mounting system or device is to damage or failure over time as simple physics takes over and causes more stress and the more vertical height on a weapon device the harder it is to sling comfortably or quickly without damaging a device eventually. Another reason is to keep the weapon as close to its intended use sighting profile as possible, and to not add vertical bulk and keep the lower weapon physical profile. There are other reasons as well. The M-4 weapon was created with a certain intended sighting profile (cheek in a certain area, sights along a certain line, certain field of view around optics and sights, etc... These reasons, and others, are why you see the military choosing more lower profile sighting systems like the MARs system, and why designers of military sighting systems try to make things as low profile as possible, and also why EOTech form type optics are more acceptable for tactical, so we try to maintain as close to that as possible. And thats why I don't use risers or recommend them as a first thought.