Opinions wanted, to swap 305 out or not

[JesseSimon]

My '77 LWB came factory with a 350, somewhere along the road somebody swapped in a 305. I can't wiggle my fat *$% in to make out the casting number but I can see a stamp that reads GM 5.0L LG or possibly L6.

The motor has HEI ignition and it starts up everytime and runs great but it lacks any get up and go. I'm not saying the motor is damaged and weak from wear, just that it isn't powerful at all. Anyway, I have lots of leaks in the drivetrain and I am going to pull the motor and trans to re-seal everything. Between the motor oil, transmission fluid, and power steering fluid, my driveway looks like Deepwater Horizon, it's bad. Exhaust leak too!

My question is, if it was your truck, would you do the work on the 305 or would you find a 350 to throw in it while the motor was out? I don't have much money, but there are trucks on the cheap here in the Ozarks, I see similar LWB's everyday between $500-$700 in good running order. I could realistically buy a donor for its motor and sell this 305 without expending much in the end....

Any opinions? Any 305 fans that wanna take up their case?