I knew a guy who shot quite a few hogs with the .223 and 55gr V-Max. He stuck to headshots ONLY. He has more cajónes than I do (or maybe he's a moron... there's a fine line between balls and stupidity).
No way would I recommend that for the vitals of a deer. You're talking violent expansion... and about 6-7 inches of penetration and that's it. Hit a bone and it is never going to reach vitals.
The .223 is fine, just understand that you're not going to get the same amount of tissue and organ destruction as you would if using a larger caliber.
Here's a massive boar that I killed years ago with a 5.56 and the 62gr Mk 318 Mod 0 bullet. Not going to lie, I was nervous as hell going after this dude and shot him a second time in the ass as I walked up (just to make sure he was dead). The exit of that bullet is under the front leg. Be prepared, this was my 2nd or 3rd video and the quality SUCKS.