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84 GMC 305 help / advice

ChevyMitch

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I have an 84 GMC that the 700R4 went out of and it has a 305 in it that has NO power whatsoever, but starts good, etc.
Ive heard that there is a replacement cam "350" that completely wakes these engines up or is that BS? I also have an older stock 350 engine from the mid 70's sitting here, but it would need new gaskets, cam, oil pump/etc before I put it in. Should I leave the 305 in there and change cams or fix up the 350 economically and put that it in?
Since Im pulling the tranny out I might as well do something with it.
Thanks!
 
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