ChucknDuck, If all you want is a GPS to plot tracks and mark way points, the 315 will serve your purpose fine. If you can get that unit from you're buddy for 100 bucks you should take it.
Now some things you may want to consider, the 315 is just a data unit, you will not see a map nor can you download a map into it, you can download waypoints but thats all. If you are navigating from 1 waypoint to another on a data unit it will be in a straight line, they do not show islands or navigate you around them so you better know whats between point A and point B. With a map unit, they have built in world maps that show the major islands, plus they are downloadable, meaning you can download detailed maps that are just like looking at a NOAA chart.
You mentioned the Garmin 76 ($220) that also is just a data unit, if you're going to spend that much I would suggest for $29 more checking out the E-Trex Legend, this is a mapping unit and probably the least expensive, good, mapping unit you can buy. Then as Doug mentioned, the Garmin map76, this is my personal favorite and for $349 an awesome gps. Alot of cool features, built in tide/celestial tables, it floats, larger screen then most handhelds, and very user friendly.
I hope this helps you a little and if you have any ? let me know.