[Pyrotechnic]

Given a running 305 that had a lot of life left in it for a decent price or even free, I wouldn't mind doing simple/cheap things to it to make more power. A $100 white box cam and lifters, intake, headers, etc are good things that will help out. If you can get the whole thing running and making good power for a bargain, then it's a good deal.

I wouldn't go for an all out ground up build on a 305 though. Spending that same money on a 350 block will get you the more motor for the exact same price. With that said, to stay in a reasonable budget with this 305 you will want to use at least the short block AS IS.