Many years ago, I fired over 17,000 rds of 308 155 Lapua Scenar, with max loads of Varget, and single digit S/Ds, with 27" barrels...it was used to 1400yds.
It will work at 500 yards with ease, even in a 20".
My 16" AR 10 was shooting a variety 155s 2800 to 2900 fps, the worst of the lot was 155 tipped SMK...switched to the 168 ELDM and got 1/2" 5 shot groups at 2756 fps average...so that's what I set it up for.
The 169 and 177 SMK are much better than the 168 SMK. The 168 ELDM has a good BC for a 168, if your barrel likes it.
Today I prefer to shoot 8 and 9 twist 308 barrels, with bullets from 200gr to 230 gr and longer barrels to 30" for long range endevors.....even the 22" hunting version has a 9 twist for 200gr to 230 gr bullets.