This is what interests me about the 22 ARC. Using a 20" barrel and 88eldm rounds you would be in about the same range as a 223 for velocity but pushing 88gr vs 77gr.
I have 1 example of the 77gr TMK and am sold on it. With everyone else's experience, it gives me confidence. The only reason for interest in the 22 ARC and 88gr is to fight the wind. You can find the 22 ARC 88gr eldm on sale for $24/box of 20. This puts it at about the same cost per round as the Black Hills 77gr TMK. (About $1.25/round) The down side is that in 223, you can use the AAC 77gr TMK for practice at $0.80/ round and there is not a cheaper practice round for the 22 ARC to my knowledge in the 88gr option... as of today.
For convenience, practice and performance, the Tikka 223 and 77gr TMK is still the all around winner!