On a plain-Jane LE6920, with the carrying handle removed, is there room on the receiver to mount a folding rear sight and an Aimpoint H-1 with everything, including the standard front sight, in their correct relationships?
Absolutely
What do you mean “everything”?

Everything mentioned - folding rear sight, Aimpoint H-1 and standard front sight.
With the folding rear sight and H-1, is there any reason to consider a different front sight?
Thanks for posting the picture.
Nope, you are good to go with your Colt’s front sight.
Most rear buis will be the same height as the colt front sight (Troy Stubby BUIS won’t work since they are for piston guns). The most important part is getting the right Optic riser so you get absolute co witness.
Oh. oh! Is this going to open up the absolute co-witness vs. lower one-third co-witness debate? I was leaning toward the lower one-third school of thought, but I am open to further consideration.
I think it’s something you have to try for yourself. I tend to go with lower 1/3 simply because the extra height puts the red dot in a more comfortable position for me. I also find it more convenient for guns with a fixed front sight.
But, like everything else in optics, stocks, slings… what works for me won’t necessarily work for you.
That was exactly my thought process, but I remain open to anybody’s arguement for absolute co-witness.
Here’s some relevant light reading: https://www.m4carbine.net/showthread.php?t=17049
Thanks! That’s a good thread. In fact, I think it is the same one that prompted me to think, “Oh, oh, here we go again.”