Begin by settling on your primary use of the vehicle and, realistically, what you wish to attain. Most modifications affect fuel mileage. Remember, the parts work together - match them for the greatest benefit. Research your year model at the listed (and similar) sites for parts that claim CARB Executive Order (EO) exemption numbers. Be sure to read all the details about the exemptions as most are very specific. Visit the manufacturers' websites for additional details. You can also visit the CARB website for EO details. Be patient, it takes time...
Summit Racing http://www.summitracing.com/Jegs http://www.jegs.com/California ARB http://www.arb.ca.gov/msprog/aftermkt/devices/amquery.phpHere are some of the more common modifications you can research:
* performance chip (based on the extent of the mods you're planning)
* headers (shortys or full length)
* distributor
* carburetor
* trans shift kit (if an automatic)
* intake manifold
* 1.6 aluminum roller rockers
* camshaft and double roller chain
* cylinder heads
But, keep in mind a 305 is limited. Careful planning will improve your cost-to-benefit ratio. Digging deeper into the engine with pistons, crank, etc may yield disappointing results for the cost, unless the engine is due for an overhaul, anyway.