Is the 305 already in the car junk?. If it is in good order perhaps a thorough tune up might be your most cost effective option.
If you swap the engine or transmission for ones which give better mileage you will have cover a lot of miles to recover the cost of the replacements.
If the engine is shot don't forget Chevy and BOP have different bellhousing patterns (the 200r4 is dual pattern) which may influence your choice.
If performance isn't an issue both the 307 Olds and 305 Chevy have a lot going for them, a 200r4 transmission will almost certainly help mileage if you use a sensible rear end ratio.
Roger.
If you swap the engine or transmission for ones which give better mileage you will have cover a lot of miles to recover the cost of the replacements.
If the engine is shot don't forget Chevy and BOP have different bellhousing patterns (the 200r4 is dual pattern) which may influence your choice.
If performance isn't an issue both the 307 Olds and 305 Chevy have a lot going for them, a 200r4 transmission will almost certainly help mileage if you use a sensible rear end ratio.
Roger.