Some would suggest than a better solution is to move to a state where autoloading 223's are less restricted. However, that's not always feasible due to family, jobs, or personal finances.
its also not a guaranteed solution, since states can and do change their laws. Ten years ago, the state I live in had no special restrictions on semi auto rifles. Today, you cannot legally buy or sell one in this state. (mags, too).
Little would upset me more than uprooting my home & family to escape persecution (and make no mistake, that's what gun control IS) only to find it catch up to me in a different state a year, or 5 from now,
.223/5.56 ammo (yeah, I know) is still the most affordable centerfire ammo you can buy. Low recoil makes it attractive as well. On target, it is still a formidable round power wise.
I just took a quick look at Midway's ammo (only looked at the first page of each) and the cheapest 5.56mm ammo was the 55gr FMJ (duplicating M193 ball) for about $15 dollars a box (20rnds).
The cheapest .223 ammo was about $24 per box (all .223 shown were SP bullets) and oddly enough, the cheapest .308 Win rounds were ALSO $24 a box (150gr SP bullets).
So, while it seems that the least effective ammo is the cheapest, the better stuff is right there with the cheapest bigger, more effective stuff, price wise.
Light recoil? Yeah, no arguing that.
"formidable"??? Not in my book. Adequate?? yes, but there are more powerful rounds even in .22 caliber.
The thing for me, about a lever action .223 is that it looks like it doesn't do either of the .223's jobs as well as other rifles.
For varmint use, lever guns are rarely a accurate as bolt actions can be, and AR class semis are also quite accurate, these days.
And, for defensive use, the small magazine capacity would be a drawback over semis, or even a pump (like the Reminton) that takes an AR mag.
IT is quite possible a lever .223 might be accurate enough for what you want to use it for, but you won't know, until you have the rifle in your hands and test it.
Lever guns are generally good at delivering "minute of deer" accuracy, but don't have a reputation for "minute of marmot" accuracy. If you get one that is that accurate, treasure it, its a gem.
IF you're choosing .223 because its a round you like and already use, go for it. Lever guns (and all manually operated repeaters) aren't on the gun banner's radar TODAY. and won't be in their sights until after they have banned the semi auto assault rifles and other "obvious weapons of war".
Not on my personal want list, and not what I consider the best choice for what I use a .223 for, but if you want one, there's no reason not to get one.