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First, the riser is for the scope, the #38 ( most variations ) come with the ARMS #40 build in. You won't want the rear iron on a riser anyways. The ARMS #38 SPR doesn't extend all the way back, thus giving you room to put your rear sight behind it on the flatop itself
The only reason I use a ARMS#38 SPR is I was trying to make a MK12Mod0 clone. Aside form that, I don't see a reason to use any of the other #38s as a riser since you can get all red dots like Aimpointsl and HWS like Eotech mounted in whatever height you need ( co witness, lower 1/3 etc )
There are some many good choices out there I fail to see the reason to stick a riser between the scope mount and flat top. I would think it would be more desirable to get the "rise" with the proper height mount / rings.
Another reason people use extened risers is to move a magnified optic further forward to achieve the proper eye relief. If you are using a magnified optic then you should look at a cantilever one piece mount such as Larue, ADM, Nighforce Unimount and a host of others.
Let us know what scope you are will be mounting and I'm certain someone here will give you a good suggestion for the proper rings / mount
Looking to mount a Leupold VX11 4 - 12 X 40 with it. Eye relief is good on all magnifications and it will probably be OK for now with the ultra high rings on it. Too me, it looks a bit goofy.
I would like to use the ARMS 38 to give me that extra bit of height, put some lower rings on and have the rear sight already there.