Here are a few links on 305 builds. These will give you an idea of what it takes, and what you get in the end.
<a href="http://www.goingfaster.com/spo/290hp305.html" target="_blank">http://www.goingfaster.com/spo/290hp305.html</a>
<a href="http://members.optushome.com.au/iroc-z/mods/320hp305/325hp305.htm" target="_blank">http://members.optushome.com.au/iroc-z/mods/320hp305/325hp305.htm</a>
<a href="http://www.goingfaster.com/spo/343hp305.html" target="_blank">http://www.goingfaster.com/spo/343hp305.html</a>
<a href="http://www.hioutput.com/tech/400hp/400hp.html" target="_blank">http://www.hioutput.com/tech/400hp/400hp.html</a>
As you can see, you can make more power. The high horse builds have compression ratios and cams that would make the motor a pain on the street. An "All Motor" street 305 with respectable horsepower will be quite a challenge. It's easy to get 400 hp from a 350 these days. Streetable and pump gas friendly. You can do the bolt on thing with your 305, and then transfer those parts to the 350 you build. Turbos, blowers, or nitrous will be your big horsepower items on a 305. Somewhere in the 400hp range is where you will start having duribility problems with the stock 305 bottom end. Dan