283 is/was a great motor as we all know, with the 307 enjoying a little more stroke shared with the 327. either one is well suited as you are saying. but I can not remember the last time I even saw a 307, you can find a 283 if you look hard enough and it is the better motor especially if you can find one with the steel crank which was fairly common. in case you cannot tell I am not a fan of the 305, although the HO305 was a decent runner and would provide a good set of heads for our theoretical 283/307 build!
vortec heads will make a pretty big improvement in power over the heads we used to consider factory HiPo like the #461, 462, 291, 186 and 041. those castings are no longer desirable unless someone needs them for a factory restoration. I can preach small block Chevy all night! :yes::yes:305 tended to ping (probably long stroke and low power due to heads & compression) , but could get really good MPG when set up right. The better heads on the 305 HO must helped that and FI & knock sensors probably helped also.
The Vortec heads are supposed to be a really good head for the $ & for the 350 also.
The oft forgotten engine option in the smallblock Chevy world is the 377. Take a 400 and use the rotating assembly of a 350. You end up with a big bore, short stroke engine that will spin right nicely.
need a new motor from the start? GM makes $1600 (or less) warranted brand new drop ins that pull 260hp NET (which is more than ANY chevy 350 ever factory built in the muscle car years did)
dont make it harder than it has to be.
Scoggins/Dickey always has the best deals, like this one. but you do need intake distributor Etc.
https://sdparts.com/details/gm-goodwrench-replacement-engines/12530283-0