Not a 350 after all??

[Ric83]

For those who don't know the background, I bought a 350 out of a friends dad's Vette for my truck when my 305 went south on me. When my cousin and I went to replace all of the seals on it before putting it in, we discovered it had a couple of pitted cilynder walls and a head that needed to get reworked. W/o the $ to get the work done to it, I left it at that.
Well, this is where the question comes in. My cousine decided to check the numbers on the engine. Aparently, it is not a 350 after all. It is a 327 w/ 70cc heads. So is this a good thing?? What kind of poetential does this thing have? BTW it is already bored 30 over as is.