#2
$300 worth of guitar, $300 worth of name.

It's probably a pretty decent guitar (Cort makes guitars for a LOT of the industry) but I don't think you need to pay extra for the Artist endorsement.
“Ignorance more frequently begets confidence than does knowledge.”
Charles Darwin
#3
I wouldn't pay extra for anyone's name either, not worth it. That's why I never took a serious look at Peavey's EVH guitar of the Fender Clapton strat.

I have a Cort CL 1500 hollow body, original price was twice the price on that one, quite a good guitar. I've played a few other Cort guitars that were pretty good too.

They were originally the Cortez guitar company seen in the 70's, shortened the name to Cort at some point. These days they make quite a few guitars that other companies can put a name on, similar to Teisco in the 60's and 70's, and now they've gone into NC routing that makes parts at very close tolerances. The rest of the assembly is fairly traditional, newer finishes are used a lot instead of traditional nitro cellulose, some are good some not so good...

I'd say try to find one at a music store and try it out, then you know what to expect. I wouldn't pay extra for someone's name though.
Hmmm...I wonder what this button does...