Yep- I would do it. We spent $500 on my son's 5th birthday party.
I think $300 for what you're getting is great and completely not over the top, especially compared to how much you pay elsewhere anyway. And a 40min drive isn't that big a deal.
ETA: Just saw your post that you said about $500. Clearly I think that's worth it and I especially think the money matters less when the enjoyment is for the benefit of more than the birthday child, you know?
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