In the late 70s to early 80s there was a bad batch of cams out of the factory. GM changed a lot of the really crappy ones cuz they didn't make warranty. I sold a million of those mothers at about 70-80k that was the second wave. Almost all of them I remember selling were for 305s. Get a travel indicator and measure the travel at the pushrod side of the rocker arm. Then you will know what your cam is doing. I'll bet it's flat on 1 lobe. It doesn't take much. .005 on the cam is .0075 valve lift. On a factory cam that little bit is already 2% of you total lift. It is also possible that the stud is pulling out of the head. Those are pressed in. Back in the day we used to pin them. My 334 started pulling studs with a mild Crower cam. Well below where it should have been pinned.
A travel indicator can be had from Amazon for next to nothing. You don't need a quality one. Get a mag base as well. You need both to degree a cam or set up a rear end. You could spring for a degree kit as well.