Hello from Georgia !!
I bought an Ultra about 5 years ago and got it for $300 out the door, so I would say that may be a fair price. Of course you may be able to shop around and find it for less, but hey, I bet it will not be around long for that price. As for using it for fun with pp bullets, I am sure that would be cool, but the rifle has far more potential than that. I have a regular wood stock Handi in 45/70 and I LOVE IT !!!! I have taken a few deer, varmints and killed reams of paper, and it just keeps getting better. I had considered swapping stocks so that it could wear the attractive laminates but it is so good the way it is, I have chosen to leave it as is. I would highly reccomend that you do whatever is neccessary to acquire the rifle. I know that nearly everyone here will agree with me when I tell you......" You will never regret that decision!" Good Luck and keep us posted !!
Dave