Titan, I'm really interested in watching this thread as you explore the 5.56/.223 reloading process. I reload for the round, and have chosen to focus more on reloading "frangible" bullets for indoor range use up here in Connecticut. My favorite powder has been Hodgden's Varget, but that's just my opinion.
55 grain FMJ from MontanaGoldBullet.com is $295 / case of 3500. .084 cents per piece. Excellent quality in the .45 JHP and .357 JHP that I've purchased in the past, you might want to try them out with 1000 to start. Or call them and they should send a sample (usually about 10 rounds or so).
Good luck, it'll be fun to watch. And thank you for getting a gage to check your rounds. You wouldn't believe how many people think that step is unnecessary.
Da