Well, if it runs as is, just drive it like it is for now and build another engine when you have the resources. Do yourself a favor though, and put it on the back burner when it comes time to go to school. I didn't put my projects on the back burner and am paying the price now for it. Trust me. There are no good jobs without college level education around here. There are some that pay well initially, but go nowhere else.
Anyhow, if you look at my sig, you'll see a good running basic 355 combo. It's not too bad on gas and could conceivably be built for $2500 or less. Frankly, if you just want a good bang for the buck, find another G body with a 3.23 rear axle and swap the axle. I got mine from a 83 Regal 4 door with 3.8/3 speed in it and paid $50 at Copher's U pull it in Clearwater. Going to that from the 2.41 axle it had dropped 0-60 by at least 2-3 seconds and is very noticeable. I would also find a used Edelbrock Performer intake, build a non computer Quadrajet, and take the time to set up a HEI ignition for it. Those simple, inexpensive changes plus a good exhaust system will dramatically improve performance. Plus, it all transfer over when you build a new long block for it. This all assumes that you have a LG4 305 car and not a MCSS which would have a 3.73 axle stock and not be worth changing it. If those heads and the 350 are already in the car, just leave them be. Just be careful when choosing a new cam as the springs are likely tired and will need replacement if too aggressive a cam is used. Posting the current combo of parts in the car would help me give some more specific advice as to what I would recommend for some budget minded modifications to optimize what you have. Remember that you are better off waiting to buy the right thing than buying the wrong part and having it do little to nothing to improve performance.
Oh, knowing your compression ratio will help you pick a cam. This is because low compression engines are sensitive to tighter lobe separation angles ( overlap) as they bleed off a lot of low RPM cylinder pressure. This is why big cams lope at idle. I love my Comp XE 262 cam in my 355. It has a wide LSA ( less overlap) and idles well. Plus, it optimizes the low end torque and works well with the airflow characteristics of the heads I have ( which are copies of your heads). You just have to remember to pick the cam based on the RPM range the engine can realistically expect to operate in. Bigger is not necessarily better, and too big is worse than stock. The cam is the most important decision you need to make as the heads you have will work fine in a mild street application, so long as the springs are good and the studs do not pull out. However, if you need to rebuild them anyhow, you are money ahead going with something better as there is not a big cost difference but there is a big performance difference if you spend a few more dollars. If you really want it, I have an old Crane cam that is mild with a wide LSA that I will give you for free if you come pick it up ( I live in South Pasco county off SR 54). I went with the XE 262 cam that is a little larger than it, but the cam worked fine before removing it-no flat lobes. I have it wrapped in a plastic trash bag now, so it should be oily and good! You will need to buy new lifters for it if you decide you want it as it is not a good idea to reuse them. It would also work with a 8.5:1 CR if yours is that bad.
