It would probably work, though if it's classified as a varmint bullet I'd suggest that you use something else. TXhillbilly suggested that 65 grain Sierra GK and I really like that bullet, though I haven't shot more than a couple deer with it. The 64 grain Winchester PP would be a good choice, as would the Nosler 60 gr Partition. The Partition doesn't group that well in my 223, but the Sierra shoots terrific.
I don't purposely hunt deer with the 223, but it'll do if you're careful with the shot.