Back on topic huh? Okay...
There are differences between the .223 and 5.56 chambers. These have been discussed at length elsewhere. You wish to build a varmit rifle, so it is logical to assume you are likley going to be using some variation of .223 load (instead of 5.56). In addition, I also assume you want to wring the most accuracy possible out of a varmint rifle. The .223 chamber is the only way to go...
Accuracy differences between a 5.56 and .223 chamber are insignificant in many situations( ie your M4 carbine plinker/defensive gun). However, in a varminter application, these marginal differences are important. I personally find that a 1/2 moa rifle is a far more viable varminter than say a 1 moa gun. The .223 chamber will permit maximum accuracy.
I have seen all kinds of loading practices intended to help overcome the accuracy shortcomings of the 5.56 chamber. The 5.56 is designed for safety, for generous tolerances on military ammunition, and for reliability under difficult conditions. Most of these guns can shoot 1.5 to 1 moa. This is good, but it it not varminter accuracy in my book.
The .223 chamber is similar but intended primarily for increased accuracy. It is designed for tighter tolerance commercial ammo, and places an emphasis on accuracy over utter reliability. A good varminter 223 barrel with appropriate ammo should group 1/2 moa or damned close to it.
If you want a defensive rifle consider a 5.56 with a chromed bore. If you want a varminter consider a .223 chamber in a stainless barrel or a non-chromed chrome-moly barrel. This is even more important if you are not going to handload, as you will have less flexibility with regard to setting bullet seating depth. If this is to be a true varminter, I'd suggest you consider a 1/12" twist... The better varmint bullets for the .223 are in the 50-55 grain range, and 1/7" serve no purpose in this case.
There will of course be the odd exception to the rule. However, as good as the 5.56 chamber is, it will not be as consistently accurate as the typical .223 chamber. The 5.56 design criteria values safety and reliability under all conditions over sterling accuracy. Truly successful varmint rifles value accuracy. A consistent 1/2 moa rifle may not be an appropriate defensive rifle but it sure is a whole lotta fun .... When your rifle is dialed in and you KNOW it is minute of eyeball out to 200 yards and still a viable crow rifle from 200-300 you are going to have a considerable amount of fun...
Frozenny