You could always write an autohotkey script to do it. It's the rough and dirty way, but just run through the sequence of keyboard commands to open a file, save as, alt-f4 to close powerpoint, arrow key down, repeat x300. Put something like /wait 10 between each command to give powerpoint ample time to open and close and load and run it overnight. Make sure to sort the folder by filetype so it lists all the .ppt in a row without .pptx showing up between and causing repeat saves.
Might take a half hour of scripting and testing, and then you wake up to a folder full of exactly what you want.