If it has an oil fill tube like your 307, it is a 350. And YES there will be a big leap in performance. Plus, if it is indeed a 1972, there is a change it could have a nodular iron crank. Solid candidate for future upgrades. Way moreso than the 307.
Yes, to a certain extent. Regular G bodies are worth very little and common, so whatever. Most G bodies like most Pontiac's since the 60's were sbc powered up here anyways. But on the other hand, some of the other chevy guys said, GM is GM till I put Olds power in my Chevy trucks. They sure made a stink. In my 78 1/2 ton, the early Olds 307 with 2.76 gears out performed either the stock 350 sbc's that were in it, just a much better torque curve with awful gearing and tallish tires. The Olds 350 with 307 heads killed that swirl port 350, even when running decent, that was knocking in my 94 4x4.So this is the stereotype you give to anyone that puts a SBC in a BOP car, I do have to admit though I am wearing sweat pants but only because I was working under my 307 Regal.