If you have a good local store which will honor warranty (like in many EU countries where 2 year warranty via the store is compulsory) then the T300 is the way to go. It has 50% more power than a G29, similarly low turning resistance, none of the cogging, much smoother. It's basically a better wheel than the logitech in every single way.
Without easy access to good warranty support I agree that there is a little more risk going Thrustmaster. I know the G29 has had more issues than the G25/27 ever did, but T300 has been worse (although the biggest problems were with the first batches). I suspect we get a bad view of the real level of problems with T300 since so many PS4 wheel racers are on GTP and will post to complain about problems, whereas the vast majority of users are just running their wheels and not having anything to complain about.
My own T300 is over 3 years old now. I had to RMA my first T300 because I got a launch T300 which was part of the first batch and had a strange clunking (bad tolerance on the shaft), but the replacement has been fine. And most likely a brand new T300GT will be fine for you too.
[[Edit: Just for reference, I had used a G25 for about 6 years before I got my T300. I used the T300 for a week then waited for the replacement for a few weeks. I tried my G25 during that time, but had already been spoiled by the T300, so I opted to stop playing race sims until my replacement T300 came. That's how big the difference is for me]]
As for the T500... I have both T300 and T500 so I can compare them (and have done so in many forum posts if you search). The T500 is more powerful (about twice as powerful as a G29), but has more internal resistance, which gives a less enjoyable experience because you feel that resistance when making delicate movements. It feels more like an old car without good power steering, compared to the T300. The belt/bearing tech inside the T500 is rather outdated compared to more modern wheels (like T300, T-GT, Fanatecs) so I find it hard to recommend buying one.
To be honest, the best option right now for PS4 seems like the Fanatec CSL Elite PS4-edition bundle with the CSL Elite pedals. But you would need to have faith in Fanatec fixing the current lack of support in GT Sport demo quickly, otherwise you might be without a wheel at launch.