I would go with something like a PDP Z5. Thats just a shell pack so you still need hardware and cymbals but the Z5 sounds pretty good for a beginner kit, has a really nice warrenty on it, and has a pretty good selection of colors too. For cymbals I'd reccomend Meinl MCS. You still aren't going to get a full setup for $300 but for $500 if you shop around you can get a set that will be good for a learner - intermediate.
http://www.amazon.com/Pacific-Drums-DW-Shell-PACK/dp/B001GAH4WK
http://www.amazon.com/Meinl-HCS-Cymbal-Set-Crash/dp/B0011380UC