I've seen one or two, and others in photos. My objection to them was that, like Sako on some models, they slanted the forearm tip backward from how Weatherby does. I think that looks awful, and is just a stupid attempt to do things differently.

Most that I've seen in color had blond stocks. I like blonde babes, but darker wood on rifles. Just preference, and some Colt stocks are probably darker. Don't know what wood they used.

Other than these issues, I suspect that they are superb rifles.

What is the problem with the .223, if you want to shoot smaller varmints? Some states even allow their use on deer, although one has to select a bullet built for that (there are some) and place that bullet with precision; there's not much fumble room. And I wouldn't call the .223 a long range rifle. My son had trouble killing a man with it one day at about 200 meters, and a deer is as tough as most men. On the other hand, he was using a M-4 carbine, which has a barrel too short to give high velocity at long range. Closer in, it worked better. But a .223 is basically a woodchuck rifle, although it'll be fine on coyotes and such. As you say, times have changed re opinions of the .223/5.56mm.

If the rifle is in nice condition and your friend has no problems with the forearm styling, I think he's going to be a very happy man.

Dunno how big these are among Colt collectors. Ask on that board. But as a functional rifle, it should be wonderful.