Seems like the ballistics of a hollow tip rounds would be much worse compared to non-hollow tips.
I think tip shape is less important than the center of mass (CG) of the bullet, however you can get marginally better ballistics with an aerodynamic pointed tip. Still, the effect is so marginally small that you'll get very similar ballistics from the same muzzle velocity for FMJ, soft tip, and hollow point, as long as the bullet doesn't tumble. .223 tumbles, which is why I'm saying CG and stability may be more important than tip shape.
I will say that for guns and bullets designed for really long range shots, the aero shape of the bullet can have a much larger impact on ballistics. The longest range ammo I have for my 7mm rem mag is almost 1/3 lighter than the heavier rounds, and the lighter rounds have both a boat tail and a plastic "ballistic tip". The lighter weight and shaping gives it higher muzzle velocity and a flatter trajectory, adding maybe 200 yards to the effective range of the bullet. On the flip side, the thing isn't any good against heavy game and it also tends to fragment when it hits and may even turn in soft tissue and exit very quickly without penetrating deep enough for a killing wound if the entry angle is too shallow, due to the plastic tip.
The heavy game round for my 7mm... you can get a hell of a lot of damage from almost any impact angle, at the loss of a couple hundred yards of effective range. It's still accurate out past 500 yards (I sighted it in at 300 yards with less than a 2 inch 5-round group the first time I shot it) even with the heavy game bullets so I never sighted it in for the lighter bullets.
But for a .223... If you're not a sniper you're probably better off picking a bullet that gives the best energy transfer profile for what you're shooting. In my opinion...
