Hello,
I owned both (now sits with the Fanatec CSL Elite PS4) , switched progressively from the T300 to the Fanatec. (first V3 pedals, then the wheel, then the gearbox). Before that, had already upgraded to a 30 inches rim and the 3 pedals T3PA from Thrustmaster. So I tested quite a lot of combinations from both manufacturers.
I've been really satisfied with the T300 which was miles ahead of my G25 when I bought it. Enjoyed hours of racing with it, have friends who still enjoy it also. Overheating issues impacting the FFB occurred after some time of driving, but were mostly corrected through the permanent fan mode.
That said, the CSL Elite is really a significant step up that in my opinion justifies the higher price tag. Regarding the wheel itself, there is not a huge leap, the wheel is not so much stronger, but smoother, with no loss of FFB whatever the time of driving. It also comes with a 30 inches rim which in my opinion is definitely the way to go. Which means the Thrustmaster has to take into account an additional rim to put things equals.
The pedals of the Fanatec (at least the V3, can't say for the LC model) is a no brainer, especially if driving old cars with manual gearbox, touchy brakes is your / his taste. This is where the difference is the largest compared to the Thrustmaster. (T3PA)
The "on the fly" settings on the wheel, with 5 personnal possible presets at disposal is also a welcomed feature.
I 've just replaced the gearbox and while I was also satisfied with the TH8A, the SQ1.5 from Fanatec is just better everywhere, much better build and more realistic.
So, overall I would say it depends on your friend's mindset. If he is the type of guy really invested in what he does, who likes finding continuous improvements, my guess is he will sooner or later want the Fanatec which gives more options with higher performance (on the realistic side of things, not necessarily on the lap times), and is a more complete, better thought, ecosystem.
On the other side, if having a very good wheel at the best possible price is what matters most, he will probably be pleased with the T300, especially with an additional 30' rim (Sparco or Ferrari599 are good options)
Regarding failures, having seen users complaining on both forums dedicated to theses respectives wheels, I think it is quite difficult to put an objective statement on this, without any official rate failures figures from the manufacturers. (Which they won't give, obviously). No failures for me, on both systems.
A good way to guess what kind of a user he is is to ask him if he plans a dedicated rig to play ......that would give you / him an insight.
If your friend is unsure, he can also take the progressive upgrading path like me, it's quite a smooth transition with the driveHub (great device by the way), but it costs more on the long term of course.......
Last but not least : I find the purple mode on the Fanatec gives me better feeling than the Blue mode, on GT Sport.
Hope it helps and it's not too late,
Nicolas