I agree with others that a decent running 307 is not very impressive and that you may not have any significant issue. Do you have a hesitation, or any other symptom, or is it just slow? Some Cutlasses, mine did, came with a lowly 2.14 rear gear which makes the car especially lazy off the line. Check the RPO codes on the trunk lid to see what code is listed. It starts with a G I think.
Here are some other ideas. Hope it helps:
Have someone hold the gas pedal to the floor and check that the carb primaires and secondaries are going fully open. Check to make sure that the choke is working and the choke butterfly is fully open. Also check to make sure the secondaries are operational. There is a lock out for the secondaries when the choke is on, so if the choke is not working properly, it can affect the secondaries.
Check the timing like you said. Someone could have adjusted the timing without jumping out the ALDL or disconnecting the under hood connector, which would greatly retard the timing. Check that the distributor is actually getting the timing signal from the ECM by checking the timing with the connector disconnected and then connected. You should see a big difference.
If the motor is high mileage, you could have a stretched timing chain, which would retard the cam timing. I would check this last.