Garry before you go and spend money on a 350 rebuild check on a new 350 crate from GM. If you give them the Vin # off the 77 the will give you a warranty for 24,000 2 years. You cant rebuild some of these 350s for what you can buy brandnew. Last i bought was 1275. out the door and in the truck the next day. Its a long block with heads. They get 15-20 mpg depending on gears and weight.
305 heads are a little trick we do around hear to boost comp and they dont work out all that bad if your not turning over 4500 rpms as they fall on there face after that with out mods.