Regardless of what anyone says, sticking a TC onto a lens has an impact both on AF speed and on quality. That impact may vary by lens, and may be at its least noticable with the big white super teles, but there is an impact - Canon has even published figures by how much AF speed was reduced that someone may be able to link to or quote, but they were significant.
Motorsport is like wildlife photography in that up to a point, you always want more reach. Assuming that you're not going to be signed on at the UK race circuits you visit, you don't want to be limited by side on pans, want your target nicely sized in the frame and you can justify the expense, then I would still go with the Sigma 500. The quality from this lens is in my experience superb. The Canon 300 + TC may give you some flexibility, and I know plenty that use that combination, but the Sigma is excellent. Note the Sigma will not AF even on your 1 series with a 1.4XTC - it should, but it won't.
However, this is just my opinion, and you need to work out what is best for you.
Simon