You can down-load safely in a bolt gun. Some powders are better for light loads than others. In the 308 I know H4895 is a good choice, here is a chart with other loads for that powder, no .223 listed though;
www.hodgdon.com/PDF/H4895%20Reduced%20Rifle%20Loads.pdf
LC brass is always a plus, you'll find lots of load data available for it.
For target and varmint, .223 or 25-06 are great rounds. 22-250 is also a great round in that regard. Be mindful of the rifling twist, it dictates the weight of the bullets you can use.
Reloading - Since this is a bolt gun, you can save time and effort by neck sizing the expended brass instead of full length re-sizing. Fresh brass or brass fired from another rifle will have to be full length re-sized. But thereafter all you would have to do is neck size since the case will have fire formed to the chamber of your rifle. In addition to being quicker, neck sizing will aid in the accuracy department as well - every case will be uniform to your chamber. Additionally, neck sized cases tend to last longer because you aren't working the brass as much or as hard.
I'm going to be different and say: .243 Winchester.
I recently built one on a mauser action for my girlfriend and she loves it. The best she's been able to do with it was a five shot .75" group at one-hundred yards. That was with 55 grain hollow-point flat base bullets moving at just over 4,000 feet per second. Flat shooting, great accuracy potential, lots of bullets available for target shooting or hunting in a variety of weights, relatively low recoil... I never thought I'd be recommending a 6mm, but here I am.
If you want the widest variety of ammo available, go with the 30-06.
If you want to share ammo, .308.
Whatever way you go, you should be happy with it. They make good guns.
Thanks, I did pick up a .223 Friday morning, from looking there is a lot more once fired brass out there for that and with the low recoil wife may try it? if not oh well I will run a lot through it
As you said you would be doing reloads, then I would pick a cal that you may be able to use/convert the brass for your use, if that is possible or if nothing else a cal that would be a good fit for your reloading efforts...
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