This comes up here often.
But with that said technology takes leaps and bounds every year in bullet and loaded ammo offerings.
This year Winchester is offering a 223 round for Hogs and is designed for medium to big game. Up to about a 200 pouind pig.
For years Federal has been loading a 60 grain Nosler partition as a deer round.
And Winchester and Remington have had 55 to 60 grain soft points for years.
I use a 50 grain soft point on Javilina to great success.
And have seen a 22 Hornet used on smaller swamp deer in NC and it looked like god hit the deer with lightining.
But with the smaller bullet shot placement is key.The 46 grain bullet punched through a rib and disrupted and almost ripped in half and spun all over the rib cage shreading the heart and most of the lungs from 50 to 60 yards away. But what a bullet will do at 2600 FPS is completely different than what the same bullet will do at 3,000 FPS and the speed of the bullet will change the charictaristics of what it does.
My fear is the people that will use a varmint style bullet on a deer with only a mauling and wounded deer running all over.
Some bullets in the 50 to 55 grain are made for medium to large game (50 to 200 pounds) and some in the same weight class are made for varmints. Or bullets that work great out of a 223 at the 3,000 FPS may not work on deer out of a 22-250 at 3,600 FPS.
The bullets made for varmints disrupt quickly as a ghopher, ground hog, or other rodents is not heavily mussled, thick boned, or heavy in hide and a bullet disrupting quickly still penetrates and kills quickly on varmint sized animals but may not enter the chest cavity of a 150 pound white tail.
If they are going to allow it I would look to using one of the 55 to 64 grain bullets designed for medium to big game.
With that said,
When I can carry a 223, I do so with propper bullets designed for those speeds and make sure of my shots.