I agree totally. A red dot is limiting for distance, plus I really like having adjustable turrets to dial my point of impact depending on range. Most red dots don't have adjustable turrets (I only really know of the Lucid that does).
http://fromthelodge.nbcsports.com/2011/09/29/knowing-your-rifle-impact-at-every-distance-is-key-to-3-gun-success/
This sort of sums it for me.
If you want to shoot both eyes open, get a variable with a true 1x times low end and perhaps an illuminated reticule. I am used to my 1.5-5x scopes on both my ARs and I use essentially the same optic for SR and CQB. If you are at the CQB match on the 22nd feel free to check out my optic set up. My Falcons are a bit more budget than you are looking for but they will give you some idea of the concept.
I mean, unless you are completely sold on a red-dot...if so, fill your boots, run what you want and have fun. Sorry but I have no real experience with red dots so I can't make a recommendation.