Micky:
Most early Hornet barrels were .223 in the groove and since the Savage 23D in .22 Hornet was dropped in 1947, it may be .223 instead of .224 - not a good choice for a .223 Rem with it's higher pressures.
23's were also made in 25/20 and 32/20, both low pressure pistol/rifle cartridges.
Another thought - Does it have enough bolt travel to handle the longer .223? Dave