Hmmm,
I would probably not rebuild the 305. I bet you could bolt it in and go. Why would someone save a 305 that needs a rebuild?
Afterthought... There are some goofy people out there.
BTW, I had a 305 in a '70 C10 that had a mild cam, headers, stock spread bore aluminum small block intake and a Carter Thermoquad on it... (Remember those?)
It had enough bag to SHRED a Saginaw iron 4 speed box.
No, it GRENADED it.
I was surprised at how (sort of) quick it was.
Everybody thinks that 305s are garbage - BUT - if it's $50 cheap??
You can still make a 305 perform okay. It's not going to run 10 seconds, it will still roll an S10 down the road better than a 2.5.
AND - all of the performance parts (if you go that route) will bolt into a 350 - if you decide or find one later.
Moral of story...
Confucius say: Cheap 305 good for fun.