Fred,
Diarrhea is not an expected side-effect of allopurinol. Is there a possibility you are also taking low dose colchicine; colchicine IS a POTENT laxative.
Stay with the 300 mg. allopurinol. In the early stages of treatment a uric acid of 4.5 is FAR safer than a uric acid of 5.5. If you can go a year or so without an attack then MAYBE consider lowering your dosage and tolerating a higher uric acid.
Unless you have a lot of urate deposits, allopurinol will dramatically lower your serum uric acid in just a couple weeks, as you have seen.