I reported it. Considering how often people used to avoid ebay fees by cranking up the shipping amount, it didn't appear to be an option on the menu of reasons it was being reported. And I couldn't say why I was selecting "other", so ebay will either ignore it or spend a couple seconds looking over the listing to see what jumps out as obvious.

I wonder how successful you could be in getting it cheap with the "buyer protection" element of Paypal. As in, you buy it for the minimum bid of $1, and pay $300 in total, but then when it arrives with significantly less postage, you make a claim or complaint to ebay about excessive shipping charges.
I get the impression that buyer protection might only cover the item itself (and it's price), so any excessive postage might only end up with just being able to give negative feedback... so it might not be worth the risk on an item that isn't worth $300. If it were a total of $200, and you were desperate for it, that would be worth the risk, because even if you didn't get any money back, you didn't spend more than the current going rate of this figure (with shipping) anyway.