You will certainly gain some flow by upgrading the main line even if you have to reduce it at the tank. Piping friction losses are cumulative - i.e the flow is determined by the sum total of all the piping and not by the most restrictive component. I would second the idea of replacing the line first. For 300 gph, a 1" line should be sufficient. 1-1/4" if you want some extra insurance, but 1-1/2" is overkill for 300 gph.
Both the M2 and the L2 state a maximum head of 21.5 ft, so I can see why you did not see any improvement with running them so far back on the curve with the piping choked down so much. I hear the observations that DC pumps do not handle backpressure well, but effectively what that means is that the supplied pump data is not valid. Maybe the suppliers are providing false data, but if their data is correct, you should be able to achieve 300 gph with 1" and especially 1-1/4" piping with either pump. I would certainly increase the flow meter size. You could also go over the top to get around the 3/4" restriction. Are there one or two 3/4' returns, because two 3/4" returns should easily handle 300 gph.