I don't know of any reason why your .223 deserves sub standard equipment. I shoot my .223 the same way I shoot my .308, the only difference is the size of the projectile and a bit less recoil.
What are you going to be doing with this rig? I really like shooting off of a bipod, but have had just as much success with shooting off of a back pack when in the field. If money is tight, just save up for one good bipod that you can transfer from one rifle to the other as the need arises.
There really are some things that you shouldn't skimp on. It's really kind of funny to see the people show up at the range with their very expensive AR on top of a very cheap bipod and cursing the rifle because they can't get it sighted in.