So, bottom line: Yes, you can use the 307 HEI computer controlled distributor in the 350. It will work without being connected to the computer (just the normal distributor connections at this point) but the computer will not tell the distributor to advance timing as drogg said and it'll run like crap. Your best bet would be to either ditch the computer in the car (keep it around, people want these) and go with a normal mid 70s non computer qjet (they are application and engine specific. One from an olds 350 would run better/worse on any other gm 350 and vice versa. Buick olds and pontiac qjets have the fuel straight out in front and Chevy and Caddilac have it facing the passenger side due to their fuel pump locations). Usually 750cfm were for small blocks and 800cfm for big blocks. And either rebuild your 307 distributor with non computer HEI parts, or for about the same price nab one from your local junkyyard or post an add on craigslist for a '75 and up Olds 350/307 Non computer HEI.