First, I don't compete for a number of reasons, one being there is not a regular competition at my range. There is a really nice 1000yd range that I use every week.
Do you have other rifles? Have you shot in competition before?
GrenGuy makes a good point about visiting a match. Besides seeing how things go you can meet some of the folks there and let them know you are interested. If you already have a qualifying rifle you can try shooting a round or two. Might not be competitive but you can see what it is like. Most of the clubs have members with many rifles and it is not unusual to be loaned a rifle for a match once they get to know you. There are also some pretty good deals to be made when someone 'moves up' and wants to sell a rifle. You'll also see what kinds of rifles and cartridges folks prefer and be able to ask them why they have chosen theirs.
Also gives you a chance to look at some other rigs before paying a lot of money for a rifle. You might also be surprised at some of the 'budget' rigs.
Here is some info on the .223 that might be of interest.
https://www.6mmbr.com/223Rem.html
FWIW, I would much rather shoot a .308 at 1000yd than a .223. Much easier for me to hit a milk jug simply due to wind drift.
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