For many years, I could only afford ONE precision rifle rig. It had to do any sniper matches with the ORA at Base Borden, then it had to come out and hunt groundhogs and be able to be carried while walking all over the hayfields... read: a lighter barrel (medium profile. This required a Winchester Model 70 Coyote rifle in .223 Rem that came with a 9" twist barrel, it loved the 75 grain Amax bullets coming out at about 2950 fps give or take. I killed many, many groundhogs and gophers with it and then shot a couple of NSCC matches in Connaught Ranges with the DCRA. I never felt outgunned shooting against some of the best shooters in the country (including many Police and Military snipers). Mind you I had to be careful with my wind calls, but it was all good learning experience.
Hey, my 13 year old son shot this rifle in a couple of Service Rifle match with the ORA at Mons Range several times. He just shot a whack of 68 gr Hornady HPBT bullets with great results at 200, 300, and 500 yards. He could stuff 7 rounds in the magazine and 1 in the chamber. For the 30 second rapid fire strings of match 3, 7, and 11, he was able to get off 7 to 8 rounds at a time. He loved this rifle and shooting the matches 1 to 12. For a scope, we used a Tasco Varmint 3.5 x 10 x 40mm with cheap target knobs. The scope cost me all of $ 100 back then. It worked for all the years we owned it. What a surprise....
Fast forward 10 years and now i'm shooting a .260 Rem dedicated to Precision Rifle matches and a separate .22-250 M700 SPS DM for hunting varmints (groundhogs and coyotes).
Now oddly enough, my M700 .260 Rem that loves the 139 gr Lapua Scenars is also set up with a .22-250 switch barrel for hunting groundhogs. It was taken off my SPS .223 Tactical 9" twist M700 and then rechambered by Doug at Ellwood Epps. Strangely enough this .22-250 barrel does not like the 75 gr Hornady AMax bullets, but the 68 and 69 grain bullets should have no trouble whatsoever.
Yup, the .223 can be a great rifle for LR shooting but again, the laws of physics ain't on your side since the longer any bullet hangs in the air (to the target) the more the wind (or other external variables) act on it. I will say that I don't have any regrets doing what I did by shooting the .223 up to 800m over the years. It was a great learning curve and whether I like it or not, I can speak with great authority and experience now...
Hope this helps fuel the LR addiction!
Barney