The 300W figure relates to 300 X Rj-c, i.e. you can't get the heat away from the junction fast enough, As Rj-c is .5, this says that at 300W, the junction is at 150 Degs C when the case is at 0 degs C. So I guess if you want to refrigerate the case, you can go over 300 W, but its cheaper to use a second device in parallel.
The point is always the junction temperature. You really want it to be as low as possible to give the device a long life. So look up the max junc. temp and work backwards for your expected power to find the case temperature, then what the max ambient temperature is going to be, then you can find a heat sink that has a thermal resistance of less then (Tc - Tamb)/power. Leave a margin for dirt and dust. . .
Frank