Well I sold mine 3 months ago for £475 (the guy was completely stupid, I bought it a year before for £400). So £300 for the bike is good, but still, it's not a downhill bike, whatever you do to it.
Sadly, I've got first hand experience of this, I tried to turn the VT-2 into more of a freeride bike, but, although I made it ride much nicer, it can't take over 130mm-150mm forks, and it only has 5.7" rear ravel (if memory serves) Also i bottomed out that bike countless times, even with far more air than recommended for my weight.
Getsomething like this:
http://www.pinkbike.com/buysell/1169229/http://www.pinkbike.com/buysell/1023181/http://www.pinkbike.com/buysell/1171860/Take a look on that website for yourself. I reckon you'll be much better off doing that.