As I see it you can log all the hours...
You sit in the left seat, flying the airplane, plan the flight etc, and agree w the other pilot that you have the responsibility... That makes you the PIC (P1).... If he logs safety pilot under FAA in his log book, that will be wrong, since you have not been under the hood... But what he puts in his logbook is not you problem. You are legal....
Bye the way... The 300 usd checkout (5 hours) is dual, and can of course still be logged af dual.