Welcome April!
Nice car! It always makes me happy to see a well-kept 3rd gen F-body. Too many used and abused ones out there!
Squeezing more hp out of a 305 might be tough. I had one in my 84 El Camino and lovingly referred to it as my "boat anchor." A 350 swap isn't too tough to do and keep legal (if there are strict emissions laws where you live) and runs about $3500 or less. Once there's a 350 in between the fenders, you have a much broader spectrum of parts to choose from. That's just my 2 cents though. The car looks great as it is!
Kris
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