Getting a very accurate load combination out of a .223 is a very easy task in most cases. (assuming you are starting out with a quality rifle/scope combination)
There are tons of powders and bullets that work well in the .223. The ones I have tried so far have worked so well that I haven't even experimented with half of the recommendations I have been given or read about.
I have used the following powders with excellent success: W748, BLC2, IMR4198
The following bullets have all worked extremely well with the above powders: Speer HP "TNT" 50gr, Hornady V-max (40 & 50 gr), Sierra Blitzking 50gr, Nosler Ballistic Tip (40 & 50 gr), Hornady SXSP 55gr.
All of the above combinations were capable of at least 1/4 to 1/2" 5 shot groups at 100 yds out of an unmodified Ruger bull barrel 223.
There are probably a dozen more powders that will work very well in .223, so buy whatever you like (or the cheapest you can find) and start experimenting.
[This message has been edited by Reg (edited June 27, 2000).]