300 yards in 14 minutes is not a difficult test, and is in fact probably too low a threshold for regular diving fitness. A more appropriate goal for routine swimming fitness is 600 meters in 12 minutes. Also, for the breath hold swim, there are a couple of training techniques which are invaluable, not only for tests, but for keeping yourself prepared for an out-of-gas event in real life:
1) Breath hold swims: Swimming a length underwater should not be a big deal, but by doing this routinely (and incrementally extending the distance you swim on a single breath hold) you intuitively learn to conserve energy / air and use the most efficient body position (streamlining) and stroke (muscle group discrimination) possible.
2) Over and unders: Once a base competency has been established with regard to a breath hold swim, over-and-unders provide a means of increasing cardiovascular efficiency by combining aerobic and anaerobic conditioning in one exercise. Swim a length on the surface, then submerge and swim a length on the bottom, in a continuous cycle. The first few are relatively easy, but as your heart rate increases, it becomes more difficult to complete a length on the bottom on a single breath. The intent of this conditioning is to train your heart rate to drop or rise quickly in response to actual workload.
3) Anaerobic swimming: Starting with whatever your comfortable cruise speed is, start delaying your breaths by one stroke. Swim as far as you can following that pattern. Once you are able to do that continuously, add another stroke between breaths.
-Sean