Yes and no. Might do the job but definitely not equal or near the .243. As have been mentioned, modern rifles with fast twist barrels and better powder options breath new life into older calibers.
.308 and .243 for example. I have a "light" load for my 16" .308. 130gr speer doing 2775fps. Bc of a brick. Has more felt recoil than anything I have put through the .243. Real world data. Drops below 1000ft-lbs of energy just after 300 yards and with a 200 yard zero drops about 29" at 400 yards. The .243 with an 18" barrel with a 105gr is dropping only 19" at 400 yards with the same zero. That's a huge difference! Not only that it keeps above 1000ft/lbs until just over 475 yards. Once again, huge difference.
Obviously I could probably squeeze a bit more out of the .308, perhaps could with the .243 too.
The night vision can smack me in the face on the 308 but doesn't on the 243.
Ballistic coefficient is everything when you are shooting in a breeze or out a bit further and unfortunately when you go light for caliber to try and cross over you often get a projectile with a low bc that isn't as fit for purpose.
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