Looking good- - - - -was the 20MM ammo can part of the deal? I just bought two of them on Ebay, to be used as lockable, weatherproof tool storage on a couple of my trailers. Put a 283 3" stroke crankshaft into that 305, and you can have an 8K RPM bumblebee on steroids. There's a special set of main bearings available to do that. Good luck!
Jerry