Correct me if I'm wrong, but doesn't the 301 use the same bobbin and bobbin drive assembly as the Featherweight?
If so then there is one itsy tincy screw you remove to clear up the thread jam. Go to this site and read the instruction:
http://thefeatherweight221factory.com/page10.php
Look down at the bottom left and click on "Thread Or Machine Jam".
Joe
LOL looks like we were posting at the same time