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While a 350 WOULD be a better choice, you can do the same basic hot rod tricks to a 305.
The heads can be bought very cheaply, as you mentioned.
Throw on an aluminum intake(used), headers(used) and a good true dual exhaust system.
A Carter AFB 4BBL is a great street carb but can be hard to find. A used Edelbrock is just as good.
I would replace the timing chain with a double roller version and install it "straight up" versus advanced or retarded.
A good ignition system like MSD or Mallory in addition to the factory HEI setup along with new plugs and wires will make sure the spark is good.
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1981 911SC ROW SOLD - JULY 2015
Pacific Blue
Wayne
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