Mike,
I agree with Dave, this is a tough one, and as usual, Dave has given terific advise.
All the mods Dave listed improve the sound. We consider the Mach2 upgrade the basis for all other upgrades. By replacing the internal hard drive with an SSD, and doing our numerous software mods, the MacMini is taken to another level. This allows all other mods to be be heard even more.
But, this isn't necessary of course. There are many ways to great sound.

The MacSandwich and MPC/Mini power cord will help any MacMini, in a great way. Both of these are within your $300 range. I like both products tremendously and had to think which I would get first if I were in your shoes.
The MacSandwich lowers the noise floor a little and provided a wider and deeper soundstage in my system. The soundstage improvement was not subtle.
The MPC/Mini in my system, lowered the noise floor noticeably so things sounded cleaner, there was better seperation between instruments, and the soundstage was improved a bit.
Not knowing your system, but seeing what the two products did in my system, I would agree with Dave and recommend the MPC/Mini power cord. Its a great upgrade.

Darrell
www.mach2music.comP.S. A point of clarification... We now provide a script for Fidelia as a bonus for our users. Our customers can e-mail us for the script, if they use Fidelia and want to make it sound better. We also have them for Audirvana, Decibel, and of course for the Apps in our build (iTunes, Play, Pandora), and the ones we sell (Amarra, and Pure Music).
But, we don't provide support for Fidelia/Audirvana/Decibel (i.e. don't ask us questions about them). They are not apps we include in the Mach2 Setup.