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With an AL300 you can monitor 300 nodes, 300 volumes AND 300 Component Monitors but you cannot exceed the 300 count on any of these. In your case you would be able to add an extra 120 Nodes, 32 Volumes and 51 Component Monitors.
Where you are getting the warning that additional objects could not be added, this is most likely due to AppInsight components exceeeding the Component Monitor count. The additional objects which were not added will need to be manually added subsequently.
Hope this helps clarify things.
So the total count of two or more of these can exceed 300 right? Your reply was really very helpful. Thanks a lot.