Hmm... with that in mind -- How bout I give you another $300 and you give me your equipment... No? Didn't think so.
If I were you and had basically everything I could need to hunt effectively, I'd get something truely frivolous since the money was given as a gift. Find something completely impractical you've still always wanted or find something you and your wife could both enjoy.
Does she hunt? A hunting spouse is a huge asset during the season! (If not, this may be a nice way to introduce her to the sport).
Have fun with it! I sure would!