longshot,
I too have a .223 Encore. However, mine is wearing the 24" barrel instead of the 26".
I just ordered a Bushnell Elite 4200 4-16X40mm scope from Jon at The Optic Zone. He's really competetive with his pricing and I was able to pick up this scope for about $330 shipped. So, not a far stretch above your $300 mark.
If you've been here long enough at Graybeard Outdoors you've seen that the Bushnell Elite Series gets rave reviews. I have an Elite 3200 3-9X40mm already and am very impressed with it's construction, clarity, and good looks. Plus, can't beat the rainguard feature and lifetime no questions asked warranty.
Give the Elites a look at The Optic Zone.
Ranger413