Why will he be shocked at the cost of rebuilding an Olds 350? Yes, it costs more than a sbc or LS but at least quality pistons and stroker cranks now exist along with better stock replacement rods coming soon as well. What year Olds 350 do you have? What heads are on it? Also take a look at the tag on the 2004R trans. Nice car.
its a 77-80 block with 3B heads. I know its not the greatest, but it should be better than the 307.