Sorry Salty, You're not gonna get a lot of love posting on an aviation site, about living on an airport, complaining about aircraft noise!
QUOTE:
"1. Is this action in compliance with 91.119?"
UNQUOTE
It is. During the take-off and landing phase, there is NO altitude limit over anything.
REF: FAR 91.119
"91.119 Minimum safe altitudes; general Except when necessary for takeoff or landing, no person may operate an aircraft below the following altitudes:"
QUOTE:
"2. Do you personally think this action is safe and acceptable?"
UNQUOTE
I wasn't there, so I can't say for certain, however from your own description, it sounds safe, per the FAA regulation. Acceptable is a subjective opinion. Is the pilot flying neighborly? Doesn't sound like it, but there is some thought for consideration here...
1. Once a year, you're annoyed by a helicopter making noise over your house about a dozen times or more, over the course of 4 hours.
2. You live at a friggen airport! Airports can be noisy. What if I decide to bring a Lama or Alouette over there and do some pilot training for a week? Trust me, you've not heard a noisy helicopter until you've heard one of those things. They've got to be, without a doubt, one of the noisiest inventions made by man! Or what if Joe Schmuck decides to open up a new helicopter flight school and they're running all day long 7 days a week? You bought property at an airport.
3. How do you know the helicopter is 300' above your house? What equipment did you use to obtain this number? And, does it even matter? Remember FAR 91.119.
4. Because of the questions you ask and statements you've made, it appears you're not a pilot. Why do people buy property at an airport, a HOME no less, if they're not even a pilot? This is nothing new and has been an area of contention for years. People do this and then complain about the noise. If i'm mistaken, and you are a pilot, then brother you need to brush up on your regs, because you're way off base here.
To reiterate...
Here's the facts:
1. A helicopter is operating an Easter egg drop
Legal
2. The drop zone, and landing area is less than 1 mile from a public uncontrolled runway.
Legal
3. The airport is a residential airport community with houses lining the sides of the runway. The drop zone and landing area is just outside the residential/airport area.
Legal
4. The flight path of the helicopter from takeoff to drop and landing occurs alternating between flying over the houses and into the downwind for the runway varying from 0 to 500 feet AGL
Legal
5. More than a dozen drops occur over the course of 4 hours.
Legal
6. The pilot occasionally, but does not always, announce he is "orbiting on the east side of the field"
Legal
As someone else so succinctly said, "Suck it up".
PJ