I like Jerry's suggestion...
I'm a huge fan of the 223 with 1:7 twist rate and a long throat for medium range. I'm as competitive as anyone out to 600 with it and I hold my own at 800... after that things get dicey.
I have a factory RPR chambered so 75 grain Hornady ELD jam the lands with an OAL of 2.500". That's .25" longer than SAMMI spec and I run around 2850 FPS.
I finished in the top 20 percent in tactical division at Meaford last weekend among about 58 guys. I think I was only one of two 223 shooters there shooting against 308s.
I would rebarrel the Remmy and put it into a chasis that will feed AI mags, then run Ruger or maybe MDT mags for 223. Handload ammo with about 24 grains of Varget seated to 2.5" and rock on.
Unless you need the foot pounds, I wouldn't use a 308 for only 500 yard general practice, plinking or varmints.
If most of your shooting is from 600 to 1200 yards... you should use a 308 over the 223 and you would be better served with the 6.5 Creed... mainly for the reduced recoil.
I agree with Maple57 on this for sure! You just need to define where, how and how often you're going to shoot the rifle!
Where? Range use, plinking, some decent range stuff in the bush, 600-800 yard matches: go with the 223. If you're wanting to step up and shoot a little more competitively at distance, there is no reason right now to go 308 Win over 6.5 Creedmoor.
How? Will you be shooting off a bench, prone, on sketch stage props or in the bush? Well this is less caliber specific and more rifle setup specific, but the 223 is lighter recoiling and easier to watch through your scope than the 308 or 6.5 Creed.
How Often? As previously mentioned, the 308 Win and 223 Rem typically have longer barrel lives than something like a 6.5 Creed or a 243 Win, HOWEVER that is all dependent on how you run it. If you load to the recipe stated above by Maple57, you'll probably get a lot of throat erosion before the 4 or 5k rounds mark. If you're looking for a rifle where you maybe shoot 100 rounds a month, then barrel life shouldn't be a concern.
Just my 2 cents. I personally compete with a 6.5 CM right now but will be changing to a 6 mm for next season. If I were to build a dedicated short/medium range gun for fun it would be a 223 Rem with a 1:8" barrel for the heavies
