There really is no need for 300+ playlists for that kind of use.
As long as you have the correct ID3 information (which is far more useful in the real world than throwing all the tracks from an album into a playlist), iTunes provides a whole range of ways to navigate based on album. You've got the three-pane browser (View > Show/Hide Browser) which allows you to scroll through a list of genres/artists/albums. You can tap a few letters into the live search field in the top right and it will find all the tracks with those letters in their ID3 tags in as-near-as-possible-to real time. You can use the new 'list' viewing mode, which groups tracks by the album they come from along with the appropriate album art (if present), or the similarly new album cover browser view, which allows you to scroll through your album covers in an oh-so-stylish manner. Then again you can always just go to your library, tap the 'Album' tab to order alphabetically by the album name and scroll down like that.
Creating a playlist for each album just doesn't make sense, and you'll come a cropper if you use iTunes in conjunction with an MP3 player which handles playlists - the iPod, for example. Playlists should only really be used as a last resort to group tracks ("At work", "on the train", "feel-good tunes", "tunes from the wedding" etc.) where they cannot be grouped with standard information.