grey2112,
Go over to this page and go through the calculations:
http://www.eskimo.com/~jbm/calculations/traj/traj.html
A typical BC for 22LR bullets is anywhere between 1.4 to 1.5.
If you load the 240 grain bullet to 1050 fps the difference is less than about 0.5 inches out to ~190 yrds. Out beyond that the 300-221 Fireball shoot flatter because of the higher BC of the 240 gr bullet
320pf