The only real cost difference between an Olds engine and a Chevy engine is the parts. Machine work to build an engine is not any more than any other engine. If it is, then the shop who is doing the work is ripping you off.
Now is the engine worth $600? That depends. Was it running before being pulled from the vehicle? Can you hear it run? As mentioned above, if the seller says "it has a cam in it", what does that mean? All engines have a camshaft of some sort. 😉
If an aftermarket cam was installed, what else has been done to the engine?
What heads does it have? There will be a letter just forward of the #1 exhaust port (or #8 exhaust port depending on which side of the engine).
If everything checks out, then $600 is probably not a bad deal but I'd try to talk them down a little. Even the most smog ridden 455's of the '70's still produced 350+ft/lbs. of torque which is miles ahead of the 305. Anything else you do to the engine is just icing on the cake. 🙂