Looking for opinions from guys that have done it.  I have a 50' Ford F1 that the previous owner put a 305 in with 700R tranny. The 305 has headers, edelbrock intake and carb. I am disassembling the truck now and will be pulling the motor out anyway.  Question is whether to spend the money building the 305 or put the same money in something else??
What are my choices in front of a 700R tranny?  I dont think going back to a ford motor is option because of mods to put a chevy motor in it.
Any help would be appreciated. Truck will be used to show off and drive to work.
It already has IFS, power disc brakes and rack n pinion steering.

JD  

Short of completely re-engineering the 305 it will just fall short of larger-bore small-block Chevy engines in terms of power production. I guess if power isn't a concern and you have a very limited budget you could do a cheap rebuild on the 305 and drive it but it's your choice.

The previous owner of your owner made a great decision! Since this is a chevy just about any Chevy motor will bolt in front of that 700-R4.  

I would much rather build a 350 or anything bigger than a 305. I do not believe its worth the time trying to get power out of a 305  

305 = boat anchor.  They can be made to run ok, but if you're pulling the motor anyway do a 350, reuse the headers carb and accessories.  For the same money and effort your reward will be much greater.  Sell the 305 looking to do a factory replacement.  

Trash the 305. Use it as an end table or something, thats what i'm doing with a 65' 327(small journals=not fit for performance use). You could build a 350 for probobly the same price and get a bunch more horsepower/torque.