I have nearly the same rifle but mine wears a 20in. not a 24. The very first thing, in my opinion, you need to do is spend another $150 and replace the trigger. The factory trigger pull in these things is heavy to say the least. If you're a highly trained military sniper ( I believe those guys train with heavy trigger pull) maybe you don't mind but for me I couldn't order a Timney trigger fast enough. After the $150 trigger swap my little cheapo $330.00 vanguard shoots every bit as good if not better than my Rem. LTR I paid $800. I think you will be amazed at how much better it will group when you put a decent trigger in it.
I started out shooting 50-53's (Nosler BT and SMK) all using Benchmark powder in the 25.5 -26gr range loaded out to 2.26. My Howa really likes 2.26 so that's where I load everything. Didn't seem to matter much it shot them all easily in the .4 at that point I was happy and didn't think I would ever change much from there. Then I read something Kirby Allen wrote and he mentioned the 40's shooting extremely well. I'm usually not a big fan of light bullets but I figured I give some a try just for giggles. I loaded up 10 Nosler 40gr Ballistic Tips over 27.3 gr of Benchmark and my 2.26 length. I would consider my self barely better than and average shooter certainly not what I would call a "marksman". Holy cow batman, Mr. Allen wasn't kidding the 40's flat freakin shoot. Hell I was tickled with my .4 and the 50-53's. The 40NBT's were .2-.3. My 27.3 and 2.26 is/was the only load I have tried with the 40. In more capable hands i'm sure it would do better but I like shooting stuff, things and critters not punching paper so i've never tried any other load.
Unless you are just set on heavier bullets and your 1-12 is going to limit that you may want to give some 40's a try. I know you mentioned out to 500yds and I don't believe 40's would be a very good choice for that distance but I also don't think a .223 out to 500 yds on yotes is a great idea either. I personally don't like to push a 223 past about 300yds on yotes and still feel good about it being a clean kill. Not saying a 223 won't kill them out at 500yds but if that's your range on yotes I would step up to a much hotter 22 cal or something in the 6mm class.