I'm with Ando in regards to maintaining the 300ft. If you don't have and IFR GPS ir DME then you have to eyeball a circling area...
I had about half a page written here, but I doubt it will change anyone's mind who is convinced to the opposite.
One thing I am sure of though. If any other pilot was to approach me and tell me that I was breaking the rules or to have 'words' with me would get several 'words' in return.