I'm running a warmed over 302 and have more than enough power. Great thing about the 305 is that you can buy all the dress up and performance goodies now and if/when you decide you want a bit more power, you can use them all. My Pop's '27 has had a 283, 383 stroker, and a 350 in the last 10 years, but you'd never know as he's been able to reuse the goodies, brackets, alt, dist, starter, intake/carbs, etc. Keep the 305, get the car going, sort it out then worry about a bigger engine I say. We just finished cleaning up a 283 for my uncle's T bucket we are building. We cleaned up the block and honed it, put in new rings, gaskets, etc, cleaned up the heads (ground the valves and seats) and it should be a great runner with this light T.
My other advice: Don't spend too much on the rebuild for this engine. If it runs ok now, maybe have it honed and put in some new rings, bearings, seals and gaskets. If it needs more work than that,(boring, etc) skip it and buy a good 350. We buy alot of our engine parts/kits at Northern Auto Parts. You can buy a 350 master kit (pistons, cam, etc) for under $200. The cost to do the machine work will be the same for either and isn't worth it for the 305--but, this is just my $.02!