A large majority have already reitterated this, but shot placement and range limitation would be the big thing. Limit yourself to 200yds with a 55gr bullet, soft point or ballistic, and you will be fine. In all actuality, if you are more accurate and shoot the 223 better than a bigger gun, and excercise these limitations, you will be fine.
It the more the better. If you have a 1-9 twist 70 grains is best to stabilize a bullet. And if 1-7 twist about 80 little more or less doesnt make much a diffrence. Also get copper hollow points