I've had the 305 in my monte with all the goodies, headers, intake, air filter smog, etc... I currently have a blue print 383, and wouldn't look back at the 305. But i get it.
In your shoes and in my opinion, i would ditch all the smog if not done already. get rid of stock headers so it can breathe. The monte motor will do fine with the EFI. Its a good cruiser motor and will get decent mileage. If you are still worried about meeting the min requirements of the EFI unit, have you thought to switch out the mechanical fan and go electric? Seems that would get you right in the ball park with the specs..