Low, That is NOT a 305! It is likely a 307, but could also be a 260. What you have there is a true Olds based engine, not a Chevy based small block like the 305.
As to: "Is it worth it?"...That I guess is up to you & why your wanting to do it. If your 6 cyl. is damaged & you need an engine to make the truck go, it would be an Ok plan assuming it hasn't sat forever not running. For the most part...I'd say No, it's not worth the bother.
Now on to: "What do I need to know to hook it up?"...That really isn't too bad, however there is some things you need to know. The Olds has a different bolt pattern on the bell housing so you need to use both (engine/trans) together as a unit or purchase an adapter plate if for some reason you decide to only use the engine or the trans with one from your truck. Fairly simple fabrication is needed on the motor mounts to bolt it in the truck. The basic wiring from your truck will work...you will need to alter the lengths on a few wires & re-route them. The driveshaft will be too short. You will want to acquire a non-spark control distributor & carb from an older Olds engine to eliminate the computer control that is on the engine (assuming it hasn't been done already to the Cutlass). The rest of it is pretty straight forward...exhaust, rad.hoses, gauge sensors, accessory stuff is all doable. If you decide to go ahead with it, let me know. I should be able to answer any specific questions that you may have. Here is a basic picture of the motor mount plates to get it mounted in there. Lorne
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