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It can only enrich the a/f mixture as far as it's capable of according to it's look up table. The 305 isn't mapped for a 350. You NEED to change it. Just make sure if you are just changing the prom you are grounded, they are ESD sensitive. Contact summit or any vendor and get one calibrated for your set up.
Or just pull the chip out of the 350 ECM and put it in your truck. They both used the same ECM.