Been there done that. I rebuilt a 307, the block was a newer example with a spin-on filter and installed 305 heads with 1.94/1.6" valves.
I spent hours cleaning up the intake ports. With flat top pistons it ended up about 10:1 compression ratio.
The camshaft was Erson 208/214 109 LSA, intake CL @ 107, 1.6/1.5 roller tip rockers, better springs & moly retainers.
Edelbrock dual plane and 600 cfm, shorty headers, 2 1/2 exhaust.
It went into my son's 87 3/4 ton GMC, 7 inch lift and 40/13.50R17 Goodyear MTRs, 4.10 gears and 400 turbo.
Other bro-truckers couldn't believe it was only 311 cid.
Why 305 heads on a 307 block? Let's see if anybody knows the answer.
Crykie,,,, 4500 posts/21 years!