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For $300.00, that engine better be 100 percent complete. Starter, coil, all tin, carb, air cleaner, you name it. Even then, it's a bit stiff for a rebuildable core. However, if someone wants to do a proper restoration, then it's probably worth it if the serial and spec numbers check out against the serial of the tractor.
 

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The clutch and carb can bring $100 each and the starter another $50. The last iron rods and standard pistons I saw brought $150. Granted I wouldn't want to give $300 for it either but if he really wants to get rid of it he could probably get twice what he's asking.
 
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