well it wasnt so much that...there is no adjustment on hydraulic cammed chevy v8s - just 3/4 turn past zero lash when initially depressing the plunger. as the came wore, you would lose lift that you were never getting back.
personally, the addition of the knock sensor in 85 to the LG4-ish motors made them once again viable with the better heads, the 76-84 motors, 2bbl or 4bbl could not breathe and by the time you were buying heads, you might as well be buying them for a 350. You could not bore them into something else and the lighter crank bob weights would not allow affordable stroker combos. If I *had* to have a 305 - Id look 87-on and a set of better swirl ports (like the -187 heads) with a roller setup. I had an 88 boat with a 305 and after minimum parts and labor I pushed out 304hp which was as high as it was going to go on a prop drive
The OP has not mentioned why he was interested in a 1977 305, in that year, everything that got the 305 also had at least a 350 option so a trade up is not difficult. (in 1977 everythign was so emasculated, unless it was a corvette, the best motors making power still on the road were the olds 350 and 403's)