The 305 is the same as a 350 with a reduced bore. Almost everything else is the same. Generally a very reliable engine, and as this block has been know to produce in excess of 500hp, 230 is not going to put much stress on it. The Alpha One drive is also very reliable, capable of handling around 300hp, so again 230 isn't going to stress it.
That all said.... Maintenance, maintenance and maintenance. As with all machines, neglect it and it will bite you in the backside (and rightly so!!!) The only other thing I would be attentive to is the set up. Make sure the prop is the right one. Ok, 'right one', is a prop that will allow the engine to rev to within the recommended range at WOT (Wide Open Throttle), in your case 4200-4600rpm, when the boat is loaded and trimmed normally. I have a preference to prop towards the top end of that range, and if it goes over a little, no drama. You rarely operate at WOT so the engine will be light loaded slightly and you'll find the boat far more 'drive-able'.
The Alpha One drives have (for me) one serious weak point. A plastic water pocket cover. That's up inside the bottom of the top box of the drive. If you get an overheat from a 'dry run', you cook the cover and the gasket leaks, and until you replace the cover and gasket, you will not stop it overheating at the higher end of the rev range.
There are plenty of items to keep an eye on and you're going to want
GENUINE service manuals for that...
Engine ->
http://www.4shared.com/document/LXsFg1do/Service_Manual_09.html
Drive ->
http://www.4shared.com/document/zz_5pj9o/Service_Manual_06.html
Download and enjoy
Chris.......
