In my opinion the only reason anyone avoids going to an LS is because they are already financially engaged in SBC parts; I cut my losses and have sold most of my Gen I parts off and everything is LS'd here now. Next I want to build a turbo LFX V6.
this 383 i have now is my last gen1 unless i find something that only needs a motor swap so i can use the 327 in the carport. it was to use all the stuff i've accumulated. guy down the road is building a little rock buggy(says there is a handful of wires to hook up, everything else is plug and play.) PLUS, his crate GM motor will eat mine at just a bit more cost really. on the "affordable" side of things, if one is upgrading from anything but a small block chevy(gen 1), you're already sourcing motor mounts. ditching the th350, shortening a driveshaft, getting a crossmember(dual exhaust),replacing fuel lines, headers, exhaust system anyways (cost the same either way)... warrantied take-outs that include transmissions start to become VERY attractively priced. a stand alone efi controller is still cheaper than FITech, you'll need a fuel pump either way...
if you are already starting with a cast iron exhausted 305, and you want to soup up to even 300hp from there with headers. the 5.3 junkyard engine starts to become cheaper and cheaper, hedman swap cast iron manifolds fit well, sound great too if you're commuting. finding take-out engines of gen 1 vintage is becoming difficult. i agree 100 percent with the statement that you build a gen one small block if you have everything gen 1 already. otherwise, even a 300 hp 5.3 will sound tamer than a well tuned 305 at idle, rev past it by at least 1000rpm and fetch better economy on the same road to work... once that 5.3 is running, is there anything left to do but but change oil at the same intervals? how about finding a guy who can tune a carburetor properly? there's a line-up at that man's door. the parts store will lend you an obd2 scanner if yours is acting up. bad batch of gas from the store you never bought before? no problem with efi!
driving down the roads this way, i can tell there's a hotrod ahead of me wayyy before i see it. you can smell an edelbrock drop-in a mile away.
if it's a car you'll give to your Millenial kid for a grad gift, who's going to figure out a vacuum leak for him/her? before pistons melt. we are becoming dinosaurs gents(and gals). zddp oil, how hard is that to find nowadays? don't get me wrong here, i like antiques too and my 383 that sits in my 34 yr old car. i'm sure it'll be my last gen 1.