Hi my corolla is a '93, and I had to replace the water pump about a year ago. It was fairly tricky just because of it's location, but the concept of replacing a water pump is very simple. If you have the right tools (wrenches, sockets, screwdrivers, etc.) and someone willing to help you because it will probably take two pairs of hands, then you should be able to do it yourself no problem. I had mine back in perfect working order for $40 and about 3 hours. Only thing is, make sure you can find parts. I had to try 4 or 5 different parts stores before I found a place that had the correct water pump in stock. You could special order it of course, but then you're without a car for an extra two days. Good luck!
As to the $300 repair charge, the part is included in the cost, but remember most shops pay their employees up to $15 an hr or more, plus they have to charge a little extra to make money, otherwise, paying their employees only they couldn't survive as a business.
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