I didn't mention that it only has a aphla dive

My brother has a healthy 350 in front of an Alpha drive in his Formula 21 LS. Runs great and no drive problems.

I recommend not putting $$ towards supercharging the 305. You can build or buy in a nice 350 or 383 and get a significant performance gain. Far less complicated and fewer headaches.

Thats the way I was leaning. Thanks for the help guys

If you want to stay cheap, put a set of good aftermarket 350 heads, high flow exhaust and a highrise manifold on the 305 with your stock efi retuned to flow about twice the fuel / air.
Shave the heads to jack the compression, run a high output ignition and have done with it.
I built a 305 for my old ski-race boat that had around 400hp, N/A carbed easy. the 305 is a light and under-rated motor if you tweak it right. But the easiest way to make more power is to stroke a 350 to 383, the 400 SB won't rev easy enough to feel like a powerful 350, besides, people make more kits for the 350-383 conversion that cost less for better quality.
Also, check this out: http://www.popularhotrodding.com/eng...ine/index.html
Good luck!