bad company, why bother? Reaming it is a modification that will drop the price considerably, as the gun would no longer be original. And from a performance standpoint, the 222 is ballisticly identical to the 223. Not sure how you're saving money that way, other than the availability of cheap brass for the 223. All other components are the same.
The 788 rifle is an excellent shooting rifle. The only thing is they never made a 20" barrel in a 222. They were either 22 or 24 so if yours is a 20 it has been cut. They made a few carbines in 18 1/2 inch but not a 222. Just thought you should know.