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Yeah I'd save it for nitrous or a supercharger but if you want a simple mod maybe a cold air intake? That is a good beginning mod and can give you a few horses.
Your not gonna buy anything for $300 that will give you any more than 5hp[unless you can find a used nitrous kit].You can get a set of gears for under $200,and the installation kit is another $100,plus installation[which is usually $200-300].Gears won't give you any hp whatsoever,but a set of,say,3.73 or 4.10s will give you the same performance gains that another 20-30hp will,maybe more.