Is the 75-300mm M.Z good bang for the buck?

I know I want to get a telephoto lens for the new OM-1. I want one that is decent, just don't need a killer one as I am not sure what my focal lengths are if I like any of them. I still have trauma from trying to use a cheapy 75-300mm Canon lens on my 50d. Though with the crop the Olympus will punch in a bit more, and maybe with the OM-1 ibis, I will have less trauma of trying to get a shot with anything but the stillest of tripods and best of conditions (the old 50D had no stabilization and nether did that ef lens). I guess my question is, is the combination of 75-300mm M.Zuiko and om-1 performant enough to be useful, or should I save for the next level up which as far as I can tell is the 100-400mm ? 75-300mm about $249 used and the 100-400mm is about $809 used.