Originally posted by: angry hampster
I wouldn't buy anything with a 305. That motor has zero potential.
Not true. It's perceived this way because most people who opt to do major engine work on cars using this motor swap in a 350, since the 350 is an identical block to the 305 (straight swap), available for pennies in junkyards, and a much better platform for making power.
The TBI 305 is a slug, but the TPI is respectable. The TPI system, however, has numerous limitations that restrict power - the system completely falls on its face around 4500 rpm. The MAF system in pre-1989 cars can also be problematic when performing serious engine mods - the SD system in 1989+ cars is a little more mod friendly.
OP, these cars have a huge aftermarket and a very large online community behind them - any questions you may have, you are almost certain to find the answers to somewhere online, since others before you have dealt with everything these cars can dish out and posted about it
If you do get one, (regardless of engine / trim / year), make sure the first thing you do is a good set of weld-in subframe connectors. One of the biggest gripes about these cars is the massive amount of chassis flex. Mechanically, they are pretty sound usually, although TPI cars tend to have a problem with vacuum leaks.