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Well a 30-round banana clip for an AR-15 is perfectly legal, so long as it was manufactured pre-ban. That's federal law, of course. State laws may vary. I am not aware of any round limitations on pre-ban clips, but that's not to say there aren't any.
I'm also not aware of any semi-auto only MP5's, but again that's not to say there aren't any. If they're only manufactured with burst or full-auto modes, then they won't be legal for civilians.
An M-16 isn't legal for civilians, but an AR-15 is. If you buy the Colt, the only difference between the AR-15 and the M-16 is whatever adds the burst mode to the M-16.
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