I'm in the same boat as you.. ~60k miles, all original 86 Grand Prix with a 305..
My whole thing was "Why not run it? OBD1 and all"
If it is going to be replaced by a 383 stroker or a 6.6L 400, I could just keep the original 305, but.. there's nothing wrong with it, so why not run it?
I did decide to let mine breathe a little better.. headers/duals and I have an intake manifold for it (Edelbrock performer with EGR). I am working on getting a carb to have rebuilt by everyday-performance since he has a week lag time and I can't be down for a week (and costs a ****ing fortune, mind you... Over $100 more than an already rebuilt carb from someone else - including core - but everyone here says "everyday-performance... everyday-performance... everyday-performance..." You guys are killing my bank account)
-Gonz