grizzly - That depends on which military ammunition you are talking about. M193 ball is 55gr (and used 1-14 and then 1-12 rifling in the M16 and M16A1), but SS109/M855 ball is 63gr, and uses 1-7 in the M16A2, A4, all M4 variants, and the M249SAW. This change made the standard ball ammo's impact area match the tracer ammo's impact better than M193 ball does. IOW, they did it mostly to accomodate the SAW.
In DM/SPR rifles, there is also the 75gr OTM bullet, still using the 1-7 rifling, and, so I hear, a different-cut chamber to allow the extra long bullet. So, there you have another military bullet that isn't 55gr.
OP - .223 is perfectly safe in a 5.56x45mm chamber, and should be completely functional. The opposite may not be true. 5.56 SHOULD NOT be fired in .223 Match chambers. Your Colt should have a standard 5.56 chamber.