I have the AF 70 - 300 mm f/4 - 5.6G and don't know how much they changed in the ED version but here are some of my experiences:
It's a "nice weather" lens. When there's sunshine and your "target" is lit you won't have much of a problem to reach the desired 1/300s or less shutter time. It already becomes a problem on a cloudy day. Especially for animal shots you don't want a long shutter speed because even if you can force your camera to stand still using a tripod, timed or remote release and whatever else there may be you can't force the animal to do the same. If you want sharp shots you have to go for a low shutter speed. A way to do that is to turn the sensitivity up to like ISO400 or even 800. It will still give acceptable quality on the D50 if you don't plan to make big prints.
Second thing which may be bad for wildlife photography is that the autofocus isn't quiet. In contrary, it makes quite some noise which might cause your target to run/fly/swim away. Look for AF-S lenses if you need more silent autofocussing (like your kit lens). Thirdly the autofocus is also quite slow. If it's only correcting the focus a bit there won't be a problem but it happened more than once to me that it tried to focus very close and back until it had regained focus (this will need ~1-1.5s each time it happens).
Check out other review site for more technical information.
So far I can say that I mostly prefer the 18-55mm kit-lens which seems to be made really well (for it's price). If I can get close enough to the desired target I always use it instead of the zoom. Sadly for wildlife this isn't possible in the most cases and that's why I also doubt that you would be happy with a 50mm fixed for that purpose. It's just mostly too difficult to get close enough. So try the kit-lens @50mm and see if you are happy with the zoom it gives you. If you are, go for a 50mm fixed (I do, but for other reasons).
Now it depends on your quality requirements, the money you want to spend and how much you are willing to carry around (tele lenses with big aperture aren't light). My conclusion is:
It's not perfect (to be exact, it's not near to be perfect) but it's also cheap and not too heavy to carry around. I got some goot shots out of it and won't be able to afford something better anytime soon. But the decision is really up to you.
Here's a shot I made using it:
http://www.thephotoforum.com/forum/showthread.php?t=34673
Ah yes, it won't give you advantages over the kit-lens in terms of macro photography because you need to be about 1.5m away to get something in focus while the kit-lens focusses already if you are only about 0.3m away. The resulting image is almost the same in terms of how big the object is taken. With the zoom however there will be more problems with camera shaking and all that stuff.
Mhm, got quite long, hope you aren't asleep by now.