I have the same rifle as you and here is what I have learned so far. YMMV
Good powders to work with for the 223 Rem: H335, Varget, CFE223, Benchmark, BLC-2
Good bullets for paper(out of my rifle): 69&77gr HPBT Sierra match king, Hornady 52gr A-max
Good hunting bullets (out of my rifle): 40gr V-max, 55gr Nosler HPFB varmegeddon, and 55gr Bergers varmint/match
My go to paper punching load is 23.8gr of H335 with the 69gr match king at 2.240" OAL. (i would like to run more 77gr SMKs and do further load work, but I can never find them)
My go to varmint loads are 26.0gr H335 with the 40gr V-Max at 2.210" and 27.2gr of CFE223 with the 55gr HPFB Varmegeddon at 2.200".
My loads are pretty mild, but I have been loading for accuracy and this was where my rifle likes them.
And one final note, with my savage rifle, I can't seem to load the rounds long and still get reliable feeding from the magazine.