For the last couple years I've shot a 223 rem bolt gun in the local steel matches shooting 69-77gr projectiles as my magazine is pretty short. I do well when the average distance for the match is less than 500 yards compared to everyone else shooting 6mm and 6.5mm cartridges. At about 525 average yardage I can place top quarter and around 550yds I drop to about the top third as the wind really starts to blow them around. Spotting hits on heavy steel is an issue at longer ranges too, especially with a lot of mirage.
On a Rem 700 you should be able to maximize the BC using a plastic tipped bullet and if you handload the Rem 700 can handle "5.56 NATO" pressures to get the velocity up. There are better options than the stubby, 77s but if you're trying to learn the wind then .223 is sporting past about 450yd. Depending on your elevation you might try the 85gr Nosler RDFs. They stabilize in my 1:8" twist and have 20% better BC than the AR-friendly 77s.
If you try the .223 and you like it, you might have a 'smith take a throating reamer to the chamber and lengthen it .100" or so to use all the magazine/powder space you can for your favorite ~80gr class projectile. That's assuming it's a SAAMI chamber or other short-throated reamer...
I mostly use BLC-2 as my .223 Rem powder. It's cheap, available, it's dense, gives me great velocities and meters from a RCBS Uniflo measure very consistently. CFE223 is about the same stuff. Other people seem to like H4895, Varget and 8208XBR for more temperature stable powders.