My vote: 350. It will outperform the 305 by quite a bit, and if they cost the same, there's no reason not to. You might get a little better fuel efficiency out of the 305, but at a disproportionate loss of power.
1946 GMC 1/2 ton 1967 Chevy 1/2 ton
This old truck sure looks neat, but where are the heated seat controls?!?