Lots of excellent Bows out there for under $300. I'm guessing you should get a 50#60# since 60#s will kill just about anything & no sense in being over bowed. If you can try some great-If it feels good in your hand when you draw it, you will shoot it well. A good fixed blade 3 blade head-many avaialble. I say 3 blades as they almost always shoot good right out of the package & close to your filed point if not the same without lots of tuning. Arrows-I prefer Aluminum over Carbons but that is up to you & your pocket book. I'm guessing you wont damage any more Aluminums than Carbons in the long run.

My set up for the past 8 years has been 60# Compound (Darton) that retailed for just under $300. B/4 this Bow I had 2 Dartons, 1 peaked at 60#s & the other 70#s. Aluminum Arrows with 3 blade Rocky Mountain Broadheads. I did use Carbons 2 years but went back to Aluminums.
I have had complete pass throughs with the 60# set up & aluminum arrows on Elk, Buffalo, Whitetail, Antelope, Wild Hogs & some Exotic Deer. Pic of Elk shot at 35 yds. complete pass through.
2011 starts my 55th year of Bowhunting (I'm 69). Good Luck & enjoy a great sport...