You can also use IMR SR-4759 for some reduced loads (just make sure you don't confuse this with SR-4756 at the store!). SR-4759 is a really bulky extruded powder. I think the IMR book shows a max load of 17 - 17.5 gr. for about 3000 fps. with 45 gr. bullets. I have used 13.5 gr. with 45 gr. Sierra hornet bullets. Don't have a chrono, but I figure these are going about 2500 fps. Using the 40 gr. bullets would put you right about where you want to be. I have seen a lot of guys say good things about the Blue Dot loads as well. XMP-5744 is also another one to look into, it is similar to SR-4759, but I have not used it. My "hornet" loads shoot right about point of aim with my normal load setting of 1 1/4" high at 100 yds. No scope adjustment needed.
These loads are like a pop gun compared to regular .223 loads. Low recoil and noise. One thing to remember though, they are NOT low pressure loads, so do not exceed the maximums.