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Yes, you are right. It does use the same bolt as a .223, and you only need to change barrels.
My Model 1 seems to be running around 1 MOA. From what I hear, most people are getting about the same.
If you get a barrel from AR15barrels, and think you may want to shoot subsonics some day, get the 1 in 8", with the pistol length gas system. You will diffenitely want an adjustible gas system, however. You will also need to figure out a way to get to the gas system, as the gas block will be under the hand guard.
Good luck, and have fun.
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