Seafire, at one time 3031 was pretty popular in the .22-250 and .222.. No reason it should not be fine in the .223.. I fell into 11 pounds of the stuff some years ago for about $11/pound.. Bought all they had.. I have not tried it in my .223 due to the low vel. listed in the books.. That is the only reason.. Did you check the speed?????
With a 53 grain V Max, Hornady Manual # 10 lists the MV @ 3400 fps with a charge of 25.5 grains of 3031.
and the bullet has a higher BC than their 60 grain V Max...
I think that is pretty respectable for a 223 with that bullet weight.