While I'm not a huge fan of the .204 either, I do own a couple.
I guess if I were building one, I'd likely go for a wildcat. I suppose by now, every reasonable case has been wildcatted to .20 Cal. So, given that thought; I think my pick would be either the .218 Bee necked to .20, or the .221 Fireball necked to .20... Just because...
Built a 20 Tactical and while it is a tac driver I have only use it on occasion for coyote hunts. Have fired 634 rounds and the throat looks great but have never fired more than 2-3 in a row. Much like my 17's, it needs cleaned often to maintain accuracy. Friends that have 20's all have custom 204's and have burnt a few barrels in short order but they also volume shoot p-dog's with theirs.
My opinion only, go with the 8 twist and Berger 55 grainers.
20 Practical if you want the ease of using readily available great brass. If you're running tight twist, then give yourself some mag box room, and you'll pretty much catch up with the other two anyway.
I would go 204 Simply because brass is plentiful, so no dicking around. My 204 is a very fun little gun, although I never could hit claimed velocities with it.
The only reamers Krieger has are a minimum SAAMI spec 204 Ruger and a 20-223. They were not interested in doing the 20-223. PTG has a 204 Match reamer for $138, that would take care of the long throat...
Have a 20 Tactical that shoots bugholes. 20 Tac Lapua brass is great but a bit pricey, but it lasts a long time. I like the rifle and the cartridge. Owned a 204 and it was a shooter as well. I don't think there is any real difference in the three for all intensive purposes. Pick the one that appeals to you for whatever reason and have fun.
Building a 20 Vartarg now, a 221 Fireball necked down to 20 cal. Great round and worth a look, depending on what you are looking to do.
I was surprised to find that when I seated both the 39 SBK and 40 Vmax in 204 cases at 2.260 my S-P gage did hit the ojive before hitting the case neck on both rounds. PTG sold me a min spec reamer for 0 throat today although I badly wanted to go with the 20 TAC solely for the Lapua brass.