The 301 is a big block clone (with 1" shaft)... So it kinda matters if space is an issue...
Also there isnt a ton of stuff made up for it yet, comparatively speaking...

The 301 will be physically bigger, so you will have to take that into account when building the frame.
It will be significantly more torquey, which is great for, well, all circumstances, as it allows you to tackle more challenging terrain and take off faster on easy terrain. Or you could gear it high for top speed.
And yes, there are not a whole lot of aftermarket parts(comparatively, to the 212) for the 301.
It makes more sense to me to get a 212, modify it to your desired level, and then play with the gearing to do what you want.
But it all comes down to what YOU want to do with the kart.
1 seater? 2 seater? 4 seater?? Off road or on road? Challenging or easy terrain? And most importantly, TOTAL WEIGHT.
If the total weight of the kart fully loaded is anyehere around, ohh, ~300 lbs, that will start to dampen the performance to say the least.
If you want something a little different, a 301 is certainly a little out of the norm. Most go with a 212 or 420.