Reasonable Gear Ratio Options (for the 305):
* 3.08 or 3.23: These are good all-around choices. They'll provide decent acceleration for a 305, and highway cruising won't be excessively high RPM. They're also a good starting point that won't be dramatically wrong for the future 350.
* 3.42: This is a bit more aggressive and will give you quicker acceleration with the 305, but highway RPMs will be noticeably higher. It's still usable, but might be a bit buzzy on the highway for some.
Gear Ratio to Avoid (for the 305):
* Anything significantly higher (numerically lower) than 3.42: A 2.73 or even a 3.08 might be too tall for the 305, making acceleration sluggish.
Considerations for the Future 350:
The good news is that the gears listed above (3.08, 3.23, 3.42) will work reasonably well with a high-output 350 as well. The 350 will have more torque to compensate for the slightly higher numerical gear. You may find the 3.08 or 3.23 a bit tall for a high-performance 350, preferring to have a slightly lower gear, like a 3.73 or 4.11 if you plan on racing or heavier use.
Recommendation:
For a balance between current drivability with the 305 and future compatibility with the 350, 3.23 or 3.42 are your best bets. The 3.23 offers a better compromise between highway manners and acceleration. If you do mostly street driving and want decent acceleration the 3.42 is also good, but you'll likely prefer the 3.23 once you switch to the 350.
Important Note: This advice assumes a relatively stock 305 and 350. Significant modifications to either engine (like higher compression, forced induction, etc.) would change the ideal gear ratio. Consider your driving style and intended use of the car when making the final decision. You may want to consult with a local transmission and rear end specialist for a more precise recommendation.