Re: rebuilding this winter
Yes, you do need a different intake using vortec heads and center bolt valve covers. The electric fuel pump is only neccessary if you get a long block without a mechanical fuel pump mount or use a cam that doesn't have that lobe. You can build a pre-87 vintage block to work with vortec heads, withould going to a '96+ block and dealing the few changes from that. The pre-87 block would also reduce changing flywheel, starter, and coupler, but you keep the old two-piece rear main seals, etc.
Standard Head 350/4brl = 250HP @ Prop
Vortec Head 350/4brl = 280HP @ Prop
Conservative 383/4brl = 320HP @ Prop
Your current 305/4brl is probably around 200HP @ prop
Outside of the HP, you probably want the extra torque to reduce planning times on your boat. The more displacement, the better the low-end torque. Like others, I'd like to build a 383, but the alpha creates a quandry for me. I still want to launch rapidly for skiing and other water toys, but afraid it will wreck the drive. Having the extra torque, and controlling my right arm would be difficult. For now, staying with the 350 vortec.