I know it's a bit late, but thought I'd throw in a GMC plug here... I got a GMC because of the dual headlights, and didn't care about the engine, as I figured a vortec headed 327 or 350 would be what I'd swap in. Then I got to tinkering with the 305, added HEI, and Holley carb, and I really started liking these engines. They are designed for low rpm torque mainly, but you can do some custom work to them to make a good hot rod. Tuneup and basic parts are available, although more specific stuff may need to be ordered. There are a handful of places that still make internal engine parts for them, so there isn't a terrible shortage of that stuff.
As far as a hot rod... a 351 or 401 would make a really unique hot rod engine, but would take a bit more work than just bolting on tons of readily available parts to a an sbc V8.
First off, deck the block and/or mill the heads to bring the stock compression up to 9:1. Secondly, get a carb adapter to ditch the stromberg and bolt on a 500cfm Holley or better. You'll benefit from opening up the intake manifold wiht a die grinder to the size of the Mr Gasket Adapter.
Get a 78-79 Buick Even-Fire 3.8L V6 HEI distributor, and have a spacer machined to fit the larger GMC block hole, and transfer the GMC distributor gear onto it. Upgrade to 8mm plug wires and plugs to a split fire or E3 or whatever.
If you want to go all out, the 80/81+ Buick 3.8L HEI distributors that came on computer controlled carb cars can be used to retrofit some GM TBI fuel injection!
very important thing here - most models of the big V6's did not have a harmonic balancer, as they were never intended to reach the rpm range where one would be beneficial. You might want to look into what it'd take to retrofit one, especially if you do the following...
You can get custom cam profiles ground for these engines (no one makes aftermarket spec cams anymore for them). There's a few good grinds some of the guys have tried on the 60-66 GMC Group.
Here's a dyno simulation, based on a 401 with 401 Magnum heads, decked or milled to 9.0:1, and magnum exhaust:
401: Intake duration = 257 degrees, exhaust duration = 263 degrees, both measured at "seat-to-seat." Valve lift = 0.500", centerline angle = 112 degrees, no advance or retard. Carburetion = 700-725 cfm max, no more power with a larger
carburetor. Magnum intake, heads and exhaust, through the mufflers. Peak torque forcast as 502 lbs / ft @ 2500 rpms, peak hp forecast as 386 hp @ 4500 rpms. 450 lbs or more torque forecast from 1500-4500 rpms. Can your clutch handle it....?
I would have your machinist do some mild porting to the heads, and polishing, as well as very intricate balancing and blueprinting. The balance will be crucial if using a custom cam grind and winding it out.
Also, the whole front cover (water pump housing/timing cover) is a big cast iron piece. If using the bigger V6's (401, maybe 351 has it also?), the front cover is really heavy duty and weighs a TON. The 305 front cover is a much lighter casting and will drop A LOT of weight...
401's turn up all the time from fire trucks, big busses, motorhomes, and RV's, as well as big GMC trucks. If you can get a 401 Magnum or even a 351E (Magnum heads and intake, not as good of exhaust manifolds I think), you could make a cool hot rod out of it. If going for power, I'd just go all out and get the 401 or maybe a 432 if you found one. With as big as the 478 pistons are, I'd forget trying to spin that thing fast.
Also if you found a 379 crank ( or engine - a stroked 351), that would make a good size also, but the 379's never came with the Magnum top end parts. The 432 did have all the Magnum parts. Both these variations came along later in the late 60's and 70's.
Here's more:
http://autos.groups.yahoo.com/group/6066_GMC_Truck/message/10534http://autos.groups.yahoo.com/group/6066_GMC_Truck/message/9644