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I just completed a conversion from a standard handguard to a free float tube. I also changed the standard frontsight to a low profile gasblock as I plan to use only a scope on it. The result of this change exposed a bare spot on my barrel. I guess the Front sight was on when the barrel was parkerized. Is there any way to fix this or hide it? It also has the pin hole showing from the original frontsight gas block.

Short of having the whole rifle re-parkerized there is little to be done to make it match. A good cold bluing solution will color the bare spot and help prevent rust. Have you considered a spray finish like Duracoat or Cerakote?

About the only thing I've considered is hiding it, maybe with another gas block (inoperable, of course) or a de-resonator or something. A de-resonator would not serve much purpose, as I understand it, since they are more effective at the muzzle end of the barrel when used with a free float tube, but it might be cosmetically pleasing.
Protection from rust is important now that it is exposed, so I may look into the bluing idea.

Since it looks like they parkerized it with the front sight on, there is a little build-up at the edges. I hate to put sandpaper to it, but I want it to look as good as I can and not affect the accuracy that I hope to have put into it. (Haven't shot it yet.)

I changed my Bushy to a low profile gas block and had the same issue as you but the new Apex handguard covered up that area.

A very diffident suggestion...

Get the smallest bottle of Ospho rust treatment that they sell. Jasco Metal Prep is the same thing; there are lots of phosphoric acid rust removers at the hardware stores and they are all essentially the same. Get a heat gun or a hair dryer, and a small brush.

Wet the bare spot with Ospho, warm until it drys, re-wet, repeat - until you like the color. It may or may not look exactly like the phosphate on the rest of the barrel but it will get gray/black, and can be oiled for enhanced corrosion protection.

Thanks Bobcat, I think I'll give that a try. I'm wondering whether I should sand down the old coating as well. If careful I can prevent myself from sanding off too much of the original coating, but want to make it smooth if I can.