Not trying to be a dck here, but if the pistons were actually contacting the heads....its time to pull it down and rebuild, period....the math on this motor is way wrong, compression is way wrong, cam is way wromg....you could spend less on a 305 and go faster. You want to do a budget build?
I used a stone stock bottom end smogger 350, home ported 416 casting 305ho heads, shim head gasket (0.015)
Small lunati "bare bones" cam, used performer RPM intake, stock Qjet Carb, reworked stock HEI, mid length headers to custom side pipes. Stock TH350, 4.11 gear.
Went consistent 13.40-13.30's in a fat C3 Corvette.
I had all of $500 in the motor. I had every intention to spray it into the low 12's but moved on to another project before I got the chance.
Its still being used and abused by the new owner 3 years after I built and sold it.
It doesn't have to be expensive to be "quick" and reliable, just has to be well thought out and pay attention to the details.