I have a bolt action rifle in both .223 and .308. I suggest you think of a choice of which one you'll purchase first. I think you will find having both is an asset.
I would recommend at least 1:9 barrel twist though, so you can shoot 69/77gr bullets.
This is yet another opportunity to show off my 22" 1:7 223 Ackley Improved Savage 110, which pushes an 80gr A-Max at 2900fps and shoots inside any <26" 308 out to 1000 yards with a fraction of the recoil.
(and it causes Kentucky whitetail to lose their minds via a fist-sized exit wound from the inner eye to ear)
Ok, I'm a savage junkie and I'm on the fence about what detachable magazine kit to go with. Is that a CDI? Also, is that a 223 AI on a long action and that's why you're calling it a 110 instead of a 10? Are you shooting the 80gr bullets out of the 1 in 9" barrel?? I need to know the specs on that gun because it looks awesome and I imagine that it shoots even better than it looks!
Savage 110 long action (old staggerfeed flat back action)
Rifle Basix SAV-1 trigger
Criterion 22" light varmint contour 223 Ackley Improved barrel, 1:7 twist
McMillan A5 stock
CDI Precision Savage long action/308 mag DBM with AICS polymer 223 10rd magazine
Many folks build their 223AIs with 1:8 barrels, but a 1:7 provides better stability margins in cold weather around sea level with the 80gr A-Max.
25.8gr 8208XBR was unbelievably accurate and moved the 80 A-Max @ 3000fps from the 22" barrel but was hell on Nosler brass primer pockets. My other lot of formed Nosler brass likes 24.8gr 8208XBR which gives 2900fps, though I think there's another node at 25.3gr.
Fireforming virgin Lapua brass, 23.1gr XBR gives me ~2735fps and accuracy that thus far has averaged sub-half MOA.