I use crushed coral in most of my tanks and I find it superior to sand in many ways.
To get a nice base layer in a 300-gallon tank you will want about 150 pounds. Crushed coral will degrade over time, but it takes a long time. It has an excellent buffering ability....far better than most sands....unless the sand is simply crushed coral crushed more...does that make sense?
If you did have a sump, and you were going to put crushed coral in that sump, make sure it's in a mesh bag. You don't want that stuff getting into your pump (where the impeller spins). Water doesn't have to pass through it for it to be effective in raising pH. In fact, more important than pH is the buffering capacity and total hardness. That is where you get your benefits....pH is overrated.
If you have any more questions feel free to ask.