Not likely you'll 'overstabilize' 40 grainers, I use the 40 gr. Nosler with great success in .223, .220 Swift, and .22-250 Ackley Improved. The .223's I have on hand are CZ527 1-9, several AR's with all but one 1-9, the Swift is a 1-9, and the .22-250 AI is a 1-14. The Noslers stay together in the hotrods at 'around' 4300 fps, no 'blue mist' on the way to the target, and they're devastating on varmints.
You probably know that the quicker twist in .224 bore enables you to use the heavier bullets, up to 69 gr. without much problem at all, and some folks using even 75's in 5.56, and those ARE the bullets you'll want for extended range work. The 40's don't reliably cycle my AR's, or Mini-14, so I limit them to the Swift and AI.
I use 4895, 'both' flavors, as well as 4198, Varget, and TAC. Varget is the preferred powder for work in a rifle that can get warmish, as it doesnt seem to be nearly as temperature sensitive as any of the others. If I'm using the Dillon 550 to load, I prefer TAC, it being a ball powder, and measures VERY nicely in the progressive.
I believe, without trying to dig out targets and load data, that 4198 is giving the best performance in .223/5.56 with the lightweight bullets in my .223 bolt guns, but I don't usually load them, preferring uniformity in the ammunition for use in all my rifles. Your results may vary.