I think you will find as many views as there are responses to your question. So here's one for a possible tie breaker. Get the GM crate motor, the 350CI 260 or 290 horse. The 260 horse is far more power than a 305 could hope to be. (I'm not knocking the 305's they have their place too.) The 260 horse $13xx ish and the real trick is beating the shipping and t&%. I suggest combing the internet (Spelled GOOGLE) searching for the part number which you can find at gmperformanceparts.com. Be sure to contact your local GM parts dealer, they may have something they want to move. I finally landed my best deal at a local speed shop, yeah, it surprised me too. Good luck.
PS When my 283 gives it up, I'm getting the 260 or 290 horse GM crate motor without a second thought.