I have the 300 F2.8 L IS Mk1 and have trialled three 400 F4 DO Mk1 lenses. The weight difference is not much on paper but it makes a difference in the field.
Like you I have been fascinated by the 400 DO for quite a while but I couldn't find one that was sensibly priced and sharp. I tried two from the same camera shop that were, possibly, the sharpest telephotos that I have used but they were asking far too much. The other was in very nice/excellent condition and sensible money but the results were disappointing. I did get the opportunity to briefly try a 4th example which was brand new - the owner was on her way home from the camera shop! This one was great as a bare lens and decent with the 1.4 Mk2/3 extender but not so hot with the 2 x Mk3. You can condense that lot down to - they are variable!
The 300 F2.8 will add 600+ grams (not to be sneezed at for hiking) lose you 100mm but give you more light to play with. My 300 F2.8 L IS Mk1 is superb as a bare lens, very nearly as good with the 1.4 Mk3 (little AF speed loss) and surprisingly good with the 2 x Mk3 extender - though you need decent light with the 2 x.
If you can find a really sharp example of the 400 DO Mk1 that plays well with extenders that would be my choice - but I would be careful on price as, due to their mixed reputation, they may not have great re-sale value. I could well be wrong but bear this in mind. Canon 300 F2.8 lenses are always wanted and hold their value quite well.
Just my thoughts!
Pity you didn't post this in July as I was in your fine city for my sisters BIG birthday and you could have given my 300 a try! I did have a day trip to Elk Island but the Buffalo were not playing and were determined to be back-lit whatever I did!
Life is for living, cameras are to capture it (one day I will learn how!).