As long as you get the head space right, everything else is quite close.
The 222 shoulder is 3 thousandths bigger (diameter, SAAMI spec), while the 223 shoulder will be a few hundredths further forward. I'm not sure if the taper from the base to the shoulder will look after this little ring, or whether you'll wind up with a ring in the chamber that will make extraction harder. A groove 1.5 thousandths deep shouldn't be too bad, some lathes wobble more than that while running a reamer.
Like Yodave said, 1:14 twist is less than ideal, some .223 barrels are as fast as 1:7. It's not like your existing .222 barrel is going to sell for a fortune (wait: should we ask which brand of barrel/rifle you're doing this with, just in case?) and you can always try it to see what you wind up with. You can replace the barrel if it doesn't perform. Being limited to 55 grain bullets isn't so bad, that's quite close to the heavier end of 222 loads.
If it's an ordinary rifle and you don't want to reload, you might as well try it! Let us know how she shoots.