As much as I hate to admit it here, I've built a lot more smallblocks than Bolts. Maybe if I just refer to them as "twin-fours" it won't sound so bad.
I'm not sure what you're asking about the 305. It wouldn't be my choice of motors, but I understand where you're coming from.
If you haven't bought a cam and lifters yet, I don't think you can go wrong with a Summit house brand set. You can get the cam AND the lifters for $80. I'd recommend the 1102. It should be small enough for the 305, yet increase the amount of torque over the stock cams. (Any of the stockers.) (
www.summitracing.com part number sum-k1102)
If you can find a set of heads from an 83-85 Monte Carlo SS (I don't know the number) they should improve the air/fuel flow and raise the compression to 9.5:1 (They're actually Camaro Cross-Fire heads, but I don't know the years on those.)
Another alternative would be to look for a set of 882 heads with 1.94" intake valves (I believe they'll fit the 305 bore, but measuring would be a good idea.) 882s are the "best of the worst" or said another way, smogger heads that flow pretty well. I'm using them on my 63 Nova (with bigger valves) and they perform adequately.)
Good luck.