Like everyone is saying, it depends on the bullet.
Milspec 55gr FMJ isn't match grade bullets. However, you "might" find an individual lot that exceeds the "average" performance. I bought a quantity recently of some Federal FMJ bullets that over 27.0gr of BLC2 will hold the X-ring on the 200yd targets at CMP Talladega. That's 2 moa at 200yds. That's good enough that I couldn't tell them from either 69gr or 75gr match bullets. At 300yds, I could tell a small difference. 600yds, was however altogether different. I could keep them in the black 6moa, or 36". With 75gr match, you can shoot X's all day, with 80gr Match Kings, you can pick which corner of the X-ring you want to group them.
This is with a 1/8" Wilson Match barrel.
I plan to get a quantity of Midsouth 55gr HP's for short range practice, and 200yd matches. At 8cents, they're hard to beat. They typically shoot bug holes from my M700 Rem in .22/250 over 39.0gr of H380 for 3,700fps. If they'll stand that, they'll take 2,900fps from your 1/7" 16-18" bbl.
Just don't expect a Blitz, or SX type bullet to stand it (very thin soft jackets, soft lead cores).