The 305 has a 1/4" longer stroke than the 327, so it just might have more low-end torque. The street-stock 327's I worked on back in the 1960's and 70's were notorious gas-guzzlers, although they made very good dirt track race engines after some pretty radical modifications. A low-mileage 305 will probably make a better street engine for you.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!