I've never seen or heard of a 300W MH--- is this a 250 or a 400, or just my naivete?
One MH bulb (regardless of wattage) won't get spread out very well over a 125. No reason that you can't use it to "bright spot" the middle of the tank and let the T5's drive the rest. Put high-light animals toward the center and lower-light animals toward the ends.
For a 6ft tank (72") you are really limited to a 5-ft T5 setup (60"), which kinda sux. You could, theoretically, use two 36" setups side-by-side, but the cost of replacing the bulbs would be NUTS.
Your best bet would be to put the MH in the center, and use a 4 or 6 60" (5ft) T5 retro kit (icecap retros from
www.reefgeek.com). If you can fit six, you are golden. If not, 4 will work.
To get even lighting all the way across the tank, put half of your T5's all the way to the left, and half of the T5's all the way to the right. Ie, stagger them so that you don't have dark spots on each end.
I would also choose a lower-K MH bulb (such as a 10,000K) since they seem to hold their spectrum longer than the higher-K bulbs. Then use the T5's to bring in all the blue you want. You could get a wickedly beautiful tank with this combo:
ATI Blue+
UVL Super Actinic
KZ Fiji Purple
10,000K MH (Ushio?)
ATI Blue+
UVL Super Actinic
KZ Fiji Purple