When a scope is near the top or bottom of its adjustment range horizontal adjustment is also limited. You should be fine if you can still get a wind zero.

With that said, I'd leave a little room so you can dial down to 40 or 50 yards. Trying to hold 3 1/2" under on the squirrel that's pissing off your dog isn't all that easy. 200 yards is a very long shot with a .22. At 300, I don't think you'll have enough indication on the target or the background to see a hit or miss unless you're just shooting paper. What I'm trying awkwardly to say is I think the more useful range for the elevation adjustment is closer up rather than farther out. You can always hold over for the very long shots. Make the scope more useful up close.