There aren't chips for the Proteges... ever. And you wont be finding much more power for $300 unfortunately. However...
For $300 you can buy yourself an intake and flash your ECU over to Protege MP3 specs from a member on here. The MP3 ECU is the best basic mod you can do on the P5. It smooths out the power delivery by advancing the ignition timing. The result is a much happier running car, and a few hp to boot. The only thing is, you would have to remove the VCTS butterflies in the intake manifold, since the MP3 lacks them. There's a write-up on that on here somewhere. Or you could run a single runner intake manifold from a 626.
There are some other combinations of mods you could do.. but these are the two best I could come up with for $300. Welcome to the money pit! lol
*Edit* If your P5 is automatic, you cant do the MP3 ECU.