1/8 quart for 300 miles is not bad at all, 2400 miles for a quart, almost 5000 miles before your light would tell you low oil.
For my 2007 I was getting about 2 quarts low for 3000 miles, the light would come on "Low Oil Level" and I would add 2 quarts. Basically every 1500 miles would be a quart, or 700 miles a pint, which is way worse than what you are getting.
I changed my valve cover, (you should have the new one), and I disabled the DOD AFM via the RANGE Device that plugs into my OBD2 port. I am now a quart low at 5000 miles, I drive my truck about 600 miles a week (yes I fill it up twice a week normally) and I am currently on my way back from the moon. About 235,000 miles.
Keep in mind, At one time GM said 1 Quart per 1000 miles is not severe oil consumption and within normal.