BobbyJ, there is a sweet spot at roughly 40 grains for a 223. This is because the practical 223 distance is determined by both the trajectory/wind and the accuracy.
When it comes to ballistics, the heavier bullets with the higher BCs win on paper when the calculations and distances go out far enough. This is because wind is dependent on the lag time and because the trajectory will cross over due to retained velocity. However...
If the calculations represent distance that isn't practical from a field accuracy view, then there needs to be a closer look at the those practical ranges. Hitting a 3" target at 300 yards, suggests a real composite accuracy (that means all errors combined, not just the gun) well below 1 MOA.
For example in 10 MPH winds using bullets at 55 grains or less with a good marksman and hardware, the practical distances for a 223 on ground squirrel and p-dogs is roughly 300 - 350 yards. It isn't that experienced marksman can't go much farther, but that most will suffer a diminishing return on wind calls and have a low hit percentage. A beginner tends to have a higher hit percentage inside of 300 yards and comes in even closer till they learn wind.
Holding the estimates to more practical 223 distances, the 40 grain class tends to be the sweet spot. Here is a side by side with the 40 V-Max next to the 55 V-Max with fair muzzle velocity values at sea level. The 300 - 350 yard distance values show the story.
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As far as what to put in your inventory of rigs for a p-dog trip, a 223 is a good start in terms of performance and value. Almost anything else in centerfire will cost more in the long term. The beginner has to decide on the style and weight of their rig, but also on their twist and bullet.
I'm just suggesting beginners take a longer look at 40 grain V-Max using a 12 twist and keeping their main rigs tailored to 95% of their shots being 300 yards or less, and then optimize a different rig for even higher BC varmint bullets (9 twist or better) for longer ranges after they gain experience. These are just suggestions and opinions, not laws of physics. Many may not agree. YMMV