That has been debated many, many times with threads devoted to it. There is a point where, with enough of an increase in clock speed you can overcome the relaxed timings. Just where that point is would vary from rig to rig as the variables (cpu, mobo, ram) are too great to be able to give a definate answer.
In your situation of 250MHz (with 2-2-2-5 timings, I'm guessing) vs 300MHz with relaxed timings, there is probably enough of a difference there where the increased HTT/fsb would be enough to offset the relaxed timings.
Edit:
Did you ask Sucka to do these tests for you? Talk about timing (pun intended).
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