Wow .... I gotta laugh mostly at your own good humor, but you sound a lot like me when I was a tad younger, with a few tools a lot of energy, and some cool ideas!!
The chevy 305 is a fine motor, pretty dependable if you take care of it (like anything) but the HP to engine weight ratio is just not there.
I am going to put my "66 Tempest on a dyno this summer while I am home and with the Sprint built OHC6 230 in front of a BOP turbo 350 tranny, I am looking to get at least 215 horse. But that is with 1/3 less engine weight than a small block V8 (ok maybe a tad off on the weight difference by a pound or two)
Though on mine I am not looking scream off the line, I am going more for the wow factor at the end of the line when I pop the hood and people see an uncommon IL6 under there
You do have some work cut out for you, too bad for the welding taboo in your family. That is going to cost you!!
While you have it apart you may want to look at the rear mounted and larger fuel cell, especially with a V8 under the hood !!
Really cool thread so far, please keep us in pics, you got a fun read going on here!