So ideally I think we could go for 300ish points worth. What size do the contracts tend to come in? Do/can people split them up? There doesn't seem any rhyme or reason to the sizing of them. Are there particular use months which cost more/less? Really looking at The Grand Californian for home.
As a general rule, the main difference between larger contracts and smaller ones is the amount of brain work you might have to use. With just one larger contract, you have one UY, one set of points to bank or borrow, and one amount of points you get each year. Fairly simple. With two or more smaller contracts, you have to deal with extra points from different UYs (or even if they're the same UY, there is still the issue of keeping the contracts straight as I am wont to do), separate maintenance fees, et. al. Is it hard to keep them straight? No, but it does require a bit more diligence.
On the other hand, as others have mentioned, by having smaller contracts you possess more flexibility should the time come when you want or need to sell. For example, I noticed a VWL contract on the Timeshare Store website that has 850 points, and for what the person is asking in terms of dollars per point, the contract lists at nearly $70K. Although this is an extreme case, the point is the same: unloading large contracts is tougher since a buyer must come up with more money. Further, many who buy resale aren't looking for huge contracts but for smaller ones which often gives them a foot in the door at a particular resort.
In the end, obviously the decision is yours if you even opt to buy, but smaller contracts, as a general rule, have more flexibility. However, as MSMagical's experience shows, larger contracts do work as well. Good luck!