I guess that would depend on the range...
The 204 w/ the 40 gn blts is the balistic twin of my 220 Swift shooting 55 V-max out to 500 yards+. Energy wise, the Swift has a proportanal edge, but either would be tough on GHs or yotes! Where the Swift stands out is when shooting the 60s at around 3900 over N560. Can we say ENERGY?
For prolonged shooting, I can only guess the 204 would be better. I have had several 220s and they are reserved for those few looooong shots or windy days, as the bbl does heat up "pdq"!
Reloading...Now THERE is an interesting topic...
As for equipment, RCBS (and others) have starter kits which provides all the essentials you would need to get started, and for about $200 you can be all set. (I would definately check out ebay for some real bargains on reloading stuff!!)
But before touching any equipment, I would highly recommend picking up several (at least 3) different loading manuals - even older ones have excellent info in them (new loading manuals are printed primarily to also include data for new bullets and calibers - all the info on loading is in there. And, Sinclair sells a precision reloading guide that is excellent.)
My favorite loading manual, from the standpoint of technical info, are the Sierra manuals. I also like the Nosler and the Hornandy manuals, and the Vihtavori manual does an excellent job on powder burn rates of any manual I've seen so far. Each will have the essential information in them. but each covers the info from independant writers - coming at the same topic from different angles richens the understanding.
As far as dies go, it all depends on budget and what you are trying to accomplish with the equipment. For example:
Most of us (myself included) got into it on a limited budget - eager to shoot, but couldn't afford the cost of factory ammo. Modest dies and equipment can make a huge difference in the cost of shooting, especially if you buy you components in bulk. And, when handloading a person can find exactly what an individual rifle prefers. So, not only is it cheaper, but many times you can exceed accuracy you might have been getting with factory ammo...Not always, but most of the time.
Shoot enough, or buy a heavy barreled varminter, and precision shooting will soon come into view. That is where handloading really come into its own. Not only is it a "given" that top accuracy comes from careful handloading, but from the selection, sorting and preparation of the various components, in all regards.
The accuracy axiom is: "Eliminate the variables!!"
To do that, precision shooters (making up most of the varminters (if not all) that I know) look to special dies and preparations: Again, Sinclair's book on precision handloading is an exellent place to start. AND, if I may add, after reading the Sinclair book, Glenn Newick's book, "The Ultimate in Rifle Accuracy" (ISBN 0-88317-159-7) really takes away much of the mystery of percision loading and equipment to buy.
Knowing what I do now, and for varminting and both formal and informal competitions, I wouldn't mess with the standard dies and would have moved directly to the Redding bushing dies and Wilson in-line seaters and saved me a lot of money on so-so ammo and replacing so-so dies.
Well, this is enough for now, I guess. I've been handloading for 41 years, have $1000s tied up in equipment, and I'm still adding to my "stuff" and still learning. Handloading becomes a sub hobby to shooting and is very rewarding in it's own right. You'll find out soon enough. (I only wish this board was around when I started. I could have saved a LOT of money and time!!)
Good luck!
P.