[fastfredracing]

I believe that the so called HO 305 motors as found in ss monte carlo, trans am, and z28 cars had better heads with larger valves, decent ports, and smaller chambers that upped compression slightly. I think we even used these once or twice on mild hot rod 350's. Not optimal, but I remember one that ran real good using 305 heads. I would think that running flat top pistons , and these heads, should put you somewhere around 9.5 to 1. Don't be afraid to use a little cam. I used to change a ton of cams in all of these cars back in the day. Most of the time we just shoved stock ones back in , but there was a grind that I used on a bunch of cars that really woke them up, without much low end sacrifice. I am sure there are even better cam grinds out there now.
I see nothing wrong with a 305, it should meet your goals just fine. I had a couple that were mild hot rods, ran pretty good., and still returned ok mileage.
I would use a high volume oil pump,new pickup to go with it, and a pinned shaft with a steel sleeve, and slightly larger stamped steel oil pan, and we always ran the deep truck oil filters.
You should be able to pull all this off for about the cost of a Porsche oil pump.
Unless you like tinkering, headers are a pain in the ass. I would just run manifolds, a y pipe, and a cat, if you have to, to keep it legal.
Heck yeah, build it, anybody can write a check for a crate motor. Enjoy your own creation .
I really miss those early days of my wrenching career. This project should be enjoyable and rewarding. Don't forget to pretty it up a little while it is out and apart. Blast and paint the brackets, clean up the engine bay real good. etc. Dress up stuff optional, I would leave it looking stock.