You know, i actually have suggested something similar to this before

Although, i didn't say exactly M4+M203, i did say "Assault Rifle w. underslung grenade launcher"
My suggestion was also that the assault rifle would use burst fire, instead of semi/auto, to differentiate more from the other Commando weapons as well.
Although i suggested more "multiperk" weapons (Like a Lee Enfield with a bayonette), this suggestion is probably my fav, because the Commando has too similar weapons at the moment. Bullpup, SCAR and AK are, if you think about it, all quite similar. Also, an AR w. GL would be a nice weapon for the Demo to have as a defensive weapon too. I would suggest that the AR+GL weighs 7, so you can max carry AR+GL and M32
If i may, this is a further suggestion i would like to see more discussed, a better differentiation of the Commando weapons a bit more:
Bullpup - Stays the same
AK47 - Stays the same too, maybe something minor added (don't know what though)
SCAR - Swap the laser and the scope between the SCAR and M14. That way, Bullpup and SCAR are more different (they both use a quite similar scope and all that). Could maybe also get a piercing shot similar to Handcannons (just one piercing) so it becomes a better crowdclearer, as it is somewhat of a "weak AK" at the moment. Either that or buff the damage up a little, and give the penetration to the AK instead!
AR+GL - Burst fire rifle w. nade launcher.
That way, the four weapons would be quite different. The AK as a good allround weapon, the Bullpup as the "headshot sniping" weapon, the SCAR as the hipshot and "heavy" weapon, and the AR+GL as the versatile one.
And you asked if it will mess up discounts. Why should it? Just give both Demo and Comm the discount

Regarding damages/levelling, i think they should be split. Meaning, if you play as Commando, you only get bonus damage to the rifle, and vice versa with Demolitions (no bonus to rifle, but bonus to the GL). Also ofc the grenade levels demo damage and the rifle part levels comm damage.