Loading 223 on a 650 can be done easily. I started on a 650 and moved to a 1050 for the sake of brass prep.
The biggest pain is the brass prep. you'll either need to buy processed brass or buy a case trimmer. The dillon trimmer is quick and simple but cost a couple hundred. If you don't buy processed brass you'll probably run into brass with crimped primers which means a swager or a reamer. I'd recommend an automated version of the reamer or the dillon super swager, both cost at least a 100. Once the brass is processed it's simple just like any other cartridge.
You'll be able to load 223 plinking ammo for less than $200 but it will take some time to do it. If you're only gonna shoot a couple thousand a year I'd say don't mess with it unless your loading match ammo then I'd say go for it.