I have a lot of experience with 12" twist 223 Rem bolt rifles. This has been my caliber and twist rate of choice for both varmint and predator hunting for the last 25 years or so. I should also note that due to terrain restrictions and my ability to make humane shots off cross sticks in the field, all my shooting is limited to 300 yards and under. Since 1999 when I began full scale 

 varmint and predator hunting aided by retirement, I have taken 1,978 ground hogs and over 100 predators the vast majority with the 223 Rem, 12" twist rifles.
Keep in mind that every rifle can be different and what works in one will not necessarily work in another rifle.
There are several powders and bullets that have produced varmint grade accuracy (my definition = 1/2 to 5/8") moa in many of my 12" twist rifles.
Powders that gave me the best results are: Varget, IMR / H 4895, Benchmark, and H335. (I stop using ball powder several years ago due to temperature affects in the field)
Bullets: Nosler 50 and 55 BTs gave me the most consistent results.
Primers: I tried CCI, Remington 7 1/2 and Federal 205M. While I haven't done a lot of testing, I have settled on Federal for the last 20 years or so.
Cases: I have used Remington, Winchester, Hornady. They are adequate but not great. Careful case prep can help.
Special Note on Components: I have NOT tested every suitable powder, bullets, primer, etc. combination for the 223 Rem. I am sure there are others that will produce excellent results also. Once I hit my accuracy standard, I am done with load development and testing - I hate it - It's a necessary burden but essential - I'd rather be shooting and hunting.
My two most accurate (group wise) rifles are a Remington 700, 26" Douglas match heavy varmint barrel in a McMillian aluminum bedding block stock and a Weatherby Super Varmint Master out of the box. Both rifles are capable of sub 1/2 moa groups with tuned reloads IF I do my part. Others such as the out of the box Browning A Bolt Varmint Stalker, Browning X bolt, Remington 7's with Douglas barrels and B&C aftermarket stocks are all capable of varmint grade accuracy.
Case Prep. I consider it essential to dedicate a group of cases to each rifle; rotate their use and I am meticulous about sizing using a bump gauge and caliper to produce optimum sizing. I use standard RCBS F/L dies and full size only. I do not turn necks or anneal. I usually get 15 to 18 reloads before necks begin to split. I never seat the bullets closer than .015 to .010" to the lands, most are .020 to .030 depending on the magazine requirements.
General Comment: I try to keep the reloading process as simple as possible but also consistent in approach. My emphasis is order of priority are safety, reliability and accuracy. (
Edited in - forgot to mention rifle bedding - I consider having adequate bedding essential to the pursuit of varmint grade accuracy)
Note: I have not discussed my outstanding Tikka's since they 8" twist.