For this distance, and span of distances, there are a few things I want in my scopes for 22LR:
• Sufficient reticle detail to facilitate wind holds
• Sufficiently fine adjustments to align on target
• Sufficient adjustment capacity to accommodate drop at desired range
• Sufficient magnification to see targets (and mirage)
• Parallax focus capable of suitably short distances
• First Focal Plane so all wind and elevation holds at varying ranges and varying magnifications are consistent
I generally want more than 3-9x for 400yrd shooting. I know I CAN hit big macro targets at 400yrds with low powered optics, but I also know I can print smaller groups onto smaller targets if I use more magnification. In general, I'd be looking for a 16x minimum max power, preferably getting up 20-25x.
Shooting 400yrds with a 22LR takes ~80moa of elevation adjustment from a 50yrd zero, ~70 from a 100yrd zero. So if a shooter wants to also shoot at 50 or 100yrds, let alone closer, it takes a LOT of scope adjustment to do it. This also typically dictates angled base and/or rings to bring our 50 or 100yrd zero to the top of our elevation range, leaving room for all of that drop below it. For my own 300-500yrd 22LR's, I have scopes with 34mm tubes, offering ~90-100moa of adjustment, and have 20-60moa of base and rings included. Reminding, a standard velocity 22LR has ~19moa of absolute drop and optic height compensation built into a 100yrd zero, compared to only ~4moa in a centerfire rifle.
Noting here - not all scopes can focus parallax down below 50yrds, especially non-rimfire scopes which will have these big internal adjustment capacities. If you'd never shoot shorter than 50yrds with this combination, then the burden of finding a short-range friendly parallax capacity evaporates and the list of viable options grows considerably, but the shooter is still bound to the previous limitation of aligning elevation adjustment capacity with cartridge trajectory.
Even when dialing for range, when shooting 300-500yrds with 22LR, I prefer to NOT dial my wind for every shot. Having 0.2mil or 0.25mil graduations on the horizontal stadia of the reticle makes adjusting as the wind changes much easier. About half of the time, I do dial for the "prevailing wind," then slide slightly left or right on the reticle as the wind rises and falls, but when a +/-2mph wind error bracket means complete miss off of the left side OR the right side of a full sized IPSC, I prefer to eliminate the time wasted to dial wind.
Considering the Tract Fire 4-12x40 AO as an example - this scope only has 60moa of adjustment, which runs out of steam past 350 from a 100yrd zero, about 325yrds from a 50yrd zero - assuming you have your zero EXACTLY at the top of your adjustment range. It also has 1/2moa clicks, for some reason, so while it's very fast to dial for distance, it's not very refined - each click will move your bullet 2" at 400yrds. And out in a distance where each 1mph of full value wind means more than 5moa in wind hold, a simple duplex reticle really isn't a great option. This wouldn't be a scope I would use for the task described.
In the price range described, I'd be looking at Bushnell MatchPro, Vortex Strike Eagle or Venom, or Burris RT25. There are some Athlon and Arken optics which I'm sure a few guys will recommend soon, but I can't say they'd get my money over these I've listed.
