Here is something that you should keep in mind when you think about a ring light.
The angle of the light source determines the texture of an image.
It is kind of hard to describe, but if you are photographing suede, if the light source is pointing at the suede at a 90 degree angle in relation to the camera, then all the little textured pieces of suede are going to cast shadows, and make the image look ultra textured. However, if the light is coming from the lens of the camera, there are no shadows visible from the lens, and the suede will look like it has no texture at all.
In most situations, you are going to want texture. because that is how it appears to you in real life. To get images that look natural, you are going to have to detach flash from the camera and use the flash to create textures on objects.
On the other end of the spectrum, you have ringlights. Ringlights are used heavily in fashion because it removes texture. When you use a ringlight, pimples, pores, shadows under the eyes, and blemishes in general just disappear. Many times people think that a picture is airbrushed, when in reality, a ringlight was used to ‘even out’ the texture of the skin.
I don’t own a ringlight, but getting a ringlight effect is easy enough using a single strobe with a 44 inch umbrella. Check out this blog post for an idea of how I set up for a ringlight effect. I use an alienbee B800, but my backup system is a Nikon SB-26 and an umbrella stand adapter. Basically, any flash that can fire off camera and an umbrella w/stand will work.
I can’t justify purchasing a ringlight when I can set umbrellas up to work as ringlights, and since I use the umbrellas for other purposes, they don’t take up more space in the equipment bag.
Between the D300 and the 40D, I would pick the D300. The D300 can remote control nikon speedlights while the 40D requires you to buy the ST-e2 to get the same capability.
To put a different spin on it, if I were to wake up today with zero equipment and the budget that is able to buy a D300, here is what I would get.
Nikon N90s – ebay $100~150
Nikkor 28-85 f/3.5- 4.5 – ebay $75-150
Nikon D40 w/18-55 f/3.5-5.6 – $400
Nikon SB26 (x2) – ebay $75-100
Bogen 8’ Compact Light Stand (x2) $50~60
Westcott 43" Compact Umbrella - White (x2) --$20
Hotshoe Umbrella Stand Adapter (x2) – $20
1 - 15ft. PC Extension Cord – $10
Camera Bag – $50
Stand/Umbrella Bag – $50
All of the above will come out to $1210 (if you go with the maximum values listed), and I would be able to do all photography jobs that I can recall doing in the past 4 or 5 years with the above equipment.
…or I could buy a D300 body for $1800.
Of course, I’m classified as a level 3 photographer by Ken Rockwell, so take that for what it is worth.