Ballistically the 22-204 might have an advantage but barrel length or even barrels themselves, slow barrel vs fast barrel could even them out.
Where I find the advantage in the 22-204 is there is no need to fire form cases, you just run the 204 cases through your FL sizer and load.
When I built mine (15yrs ago) 223AI dies were custom dies and you could load 22-204 with off the shelf dies. I shoot wildcats in 22-204, 6mm-204 and 25-204 and can load them with the same set of dies just changing out bushings and expander balls.
223AI was problematic to get to feed and the 22-204 would feed through any action that was originally a 204 or 223.
223 barrels could easily be rechambered to 22-204, I do them at home and don't even have to take the barrel off the action. 223AI needs the barrel to be set back, so a gunsmith and lathe are needed.
The only downside to the 22-204 is brass while I've found it to be quite easily acquired, 223 brass is usually scattered around your feet at the range. Being as 223 brass is readily available I shoot 20 Practical's, 223 and 6x45mm rifles, again all are just run through the FL die, load and shoot.
As far as hold over, wind drift you load and choice of bullet will determine that.
Good luck on your choice.
I'm assuming he's a roo shooter or does some type of ADC work.