And my thoughts for consideration.
I grew up with the 327--saw them replace the 283 and saw them replaced by the 350.
I've bored them, owned them,tuned them, raced them,broke them and cussed them--all in all great engine.
The early ones differed from the later improved ones.
Before 1967 we hardly found a factory Chevy V8 that wouldn't use a quart of oil in 1500 mi.The factory didn't install positive valve guide seals and rod/cylinder oiling system over lubed the cylinders.
The early V8's seemed to have poorer quality of metal in the block as indicated by the high instance of wear on the cylinders.I know my hone and boring bar says the later blocks are harder and this includes the 350 and 305 engines.
When they changed to the larger bearing crank this all seemed to take a change for the better.
As Hot Rod says the long stroke 305 will be better for street use where the 327 has some advantages when you want to make power above about 5000 RPM.That ain't my working range right now.
The 305 described sounds like the high HP factory version and should deliver well up higher but even the truck type with quadrajet responds well to a proper cam.And the improved low end torque of the long stroke allows higher gears for fuel economy and towing.
The 305 would be my choice unless I wanted to build a high RPM engine.
