Well first off, you do not have a PIII 300Mhz processor because it was never made. You might have a PII 300Mhz, but the slowest PIII is around 450-500Mhz.
The Celeron and the P4 are completely different chips. Their boards are different and they have different front side buses. The P4 will blow the Celeron out of the water for performance.
The AMD chipsets are the Duron, and the Athelon. The Athelon will make mince meat out of the P4 at the same clock speed. IE 1.2 vs 1.2, and it's faster even a couple ticks back in fact. I would much rather have a Duron than a Celeron. The Duron is a little outclassed by a good PIII, but it's faster than the Celeron.
The other things that are vital for good video game performance are a high powered video card, and lots of RAM.
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