compeition target shooting, me thinks an AR-15 is a bad platform.
its designed as a combat weapon, being comforitable and relatively light. It is capable of very tight groupings, but for competition there are better options.
nobody shots 50cal for compeition, rounds are $2-3 per.
.308 is what military/police snipers use usually. .22 and .17hrm are very accurate as well, but I don't know about their prospects as long range target.