Are you sure it's a 305?  
The stock "near 300cid" displacement V8 for a 72 CK series would be the 307 Chevy.  GM stopped using the 307 Chevy in 73, and the 305 arrived in 76.
 
All of the 307 blocks were 2 bolt mains.
A 307 with 305 heads will pull away from a 305 pretty quick with exactly the same heads and cam.  You can use the 059 casting L30 Vortec 305 heads on the 307 but you'll need a Vortec intake manifold.
The 305 is a small bore 350.  The 3.736" 305 bore is smaller than the 307 3.875" bore so the 307 will breathe better.
The 307 is a stroked 283 using a 327 crank.