So, I'll stick my nose in since this is a Pontiac. First are you sure it's a 305? As has been stated that's not what would be expected so a pic would be cool just cuz we are nosey. But after reading all the posts I would say leave the car alone. Clean it drive it and most importantly learn what it takes to work on it. This car has no computer so when it starts acting funny you need to know what you are about. The car isn't going to help you. Posting my car won't start to a web board will work but you will get a lot of advise and just wading through it without any real knowledge will wear you down.
You may have noticed a variety of responses to your question. We all have our opinions/experiences that inform our comments. They are all valid, except the LS guys.... They're weirdos. Your question is like asking which supermodel is hotter. Dude, they're all hot that's why they are super models. Except the LS one. She's ugly and her momma dresses her funny.
Now, based on what I've read you are reasonably new to cars or old ones any rate. So with that consideration any motor swap is a bad idea. There's a reason every sale rag has a section loaded with abandoned projects. People bite off more than they can chew, get discouraged and give up. Then they go buy an LS powered car.
So assuming you have a 305 start with the basics. Hedders, dual exhaust, cam, intake, 4 bbl. All these things will literally bolt to the Chevy 350 you will replace the 305 with. If you do. Look on YouTube or ask Google. There are 305s making real power with modern parts and have Dyno pulls to back it up. That may be enough for you.
When you get ambitious and decide to get away from the Chevy Kool-aid my vote is Pontiac. But this is important, ANY motor you use other than another Gen1 SBC is not a simple swap. Every other motor uses different mount, accessory brackets, sometimes accessories like the AC pump you mentioned, not to mention exhaust manifold, starter location which means the battery moves to the other side of the car or you need a ultra long cable and the bell housing is different. A BBC is easier than a Pontiac. Of course it's hard to work on cuz your skirt will ride up.
A lot of this was meant to be slightly humorous. I'm long winded, old, and in love with the sound of my virtual voice. The advice is solid. Enjoy your car, it's really awesome. Welcome to the nut house.
P.S. the LS is a perfectly fine choice it's a great motor and makes gobs of power. It's just not unique, and frankly it easy to make power. The swap is a reasonably high bar but not insurmountable.