As another new 300 user, I've been having a lot of fun grabbing info from the web for a walking holiday we're planning and formatting it for the 300 so we can travel light. Some stuff I've just put straight in as text files, some as pdf's (both downloaded and created) some as html converted to ePub by Calibre [if you don't have it download it now!]. I find the html->ePub the most time consuming but gives the best results.
For your purposes, I guess the main thing is how much formatting you want? eg. IF you want lyrics with chords positioned underneath then spacing is obviously more important....
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