First off let me clarify something:
The way printer page count is calculated it a bit of a sham.
ISO print standard assumes that you only cover 5% of the page in ink, and print through an entire cartridge in one run.
So basically that 300 page cartridge is probably closer to 120 pages in actual day to day use.
When looking at ink prices, assume you will be paying shelf price for just under half of the expected page yield. That gives you a better idea of what will really give you value for money in terms of ink.
I usually recommend Lazer because they are less expensive to run long term and dont "dry out", but color Lazer printers are murderously expensive to buy.
Off the top of my head, and HP 8600 series using XL cartridges is probably your best bet.
It would max your budget but spending under $150 on a printer generally means you get taken for a ride on ink and quality.
The ink price is a little higher than something that uses an HP 564 but you get your moneys worth out of the cartridges.
Second choice would be an Epson 2540 or 3540 which will range from $120 up through $200.
Both are well within your price range and offer great color, lots of features, fairly good ink economy, and stable software.
Officemax usually has one or all of them on sale at any given time.