223 Wasp? Then 204 Wasp, 257 Wasp.......
It is just a little hotter than the Hornet. 
Are you referring to the WASP family that owes its parent case heritage to the 30-30, via the Zipper, or are you talking about the Bulgarian WASP?
My question is are you trying to make it short so it will fit in a certain action.
And if so why? most 22 Mag actions are not strong enough for what you want to do and anything that will fit a Hornet will fit a 221.
What will it do that 221 loaded slower will not be able to do?
I don't have any agenda for what action it may fit. Rechambering an H&R 22WMR or 22LR barrel is the bottom of what I see being done with it. Cheap, cheap, cheap. I just consider a cartridge designed to do its best work compared to the same work a downloaded Fireball does is a smarter solution. I can download any exisitng cartridge to do the same job as a lesser cartridge, but I do not believe that is why you want a particular caliber. You don't want a Fireball because you want Hornet perfomance. You don't want a Hornet because you want 22WMR peroformance. I want a modern cartridge that will do the job in between the Hornet and the Fireball when it is loaded normally. Plus cheap parent case, plus little or no investment in additional reloading hardware if you already reload the parent.
Wid cating has nothing to do with making money, Hell most of the time it doesn't fill a nitch! WE DO WILDCATS BECOUSE WE CAN!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Yup iffen yer doing it for some other reason chances are ya just really don't understand what's out there already.
Again, the three reasons are what I said above.
Obviously I have stepped out of the usual frame of reference about why one wants to build a wildcat. Unless I am severely uninformed about wildcats, the usual reason other than "because we can" are usually better performance, meaning faster, more energy. More accuracy etc.
My wildcat improved performance is not to exceed the speed or power or report of the next cartridge above it, the 221 Fireball, but sit between the 22 Hornet and the Fireball with 1cc of case capacity, and cheap home made cartridges etc., etc, etc.
Remember...cheap, cheap, cheap is a very big part of the reason.
the .223 Lewis Lite is the best name for the round i have heard so far.
Thanks for your vote.