I'm an armchair expert at the moment, so I don't have creditibility like the other guys who have here, period.
There is total information dating back to the early 70's on this subject, and I've seen more issues with forged pistons breaking engines than with good cast pistons IF MODERATION in Nitrous application is used. I've qouted rates of nitrous use, and jet sizes and what nitrus does to keep anyone informed, and eliminate the BIG BANG! Remember, plugs burn, then head gasket fire rings, then pistons. If you
1) follow the set-up instructions, and
2) stay away from running huge shots from the cheaper undercarb systems, then you should never loose a piston to being naughty with spining the bottle...
I am going on what I've seen as common failure modes. The 300 is yet another overdesigned Ford engine using garden variety parts under little stress because of giant wrist pins and its gotta be able to cope with a nitrous boosted power level less than a stock 225 hp 5.0 Mustang engine. People use the rods on 460 strokers. The pistons are tall and well supported. The compression ratio is way low. What's the failure mode for a burned piston if theres enough fuel to cool the nitrous?
On stock engine with carb, cam and exhast mods, 50% may be way too much. I mean with a stock 120 hp net at 3500 rpm 300, I'd doubt a 50% boost would kill it. As long as the engine was in peak health, 180 at 3000 rpm, N20 in at 2200 rpm, would be the effective limit. If the same 300 has, say, a 160 hp at 4000 rpm engine via a cam, carb and exhast change, I'd be kind of worried about the stock lo-po pistons. I'd assert that about 240 hp is then possible.Thats a wicked Nitrous engine with a stock base. The issue is thermal loads with no cooling gasoline fuel delivery. If you add the ingredients in moderation, then you should be okay. Fords Pinto engines can handle huge levels of nitrous without spitting tacks. A 5 liter six is a vastly stronger piece with strong gudgeon pins, crank and a piston ring way down below the piston, operating at a speed about 2/3rds as much as the 2 liter Ford. If FTF or others have seen cracked 300 pistons being as prevalant as they are on 351 Windsors, then I'd be worried about placing any nitrous on it. However, I've not heard of it being a problem.
Hope this helps, and isn't taken as a know-it all rabbiting on about something I know nothing about.
(even though I haven't yet experimented with it!!!!)