The 301 engine has a displacement of 301 cubic inches (4.9 liters) and was designed to replace the 283 engine. It has a bore of 4.00 inches (101.6 mm) and a stroke of 3.00 inches (76.2 mm). The 301 engine is essentially a bored-out version of the 283 with a longer stroke. It features a two-barrel carburetor and single exhaust.
Compared to the 327 engine, the 301 engine has a smaller displacement, a shorter stroke, and a different bore size. The 327 engine has a displacement of 327 cubic inches (5.4 liters), a bore of 4.00 inches (101.6 mm), and a stroke of 3.25 inches (82.55 mm).
Therefore, the Chevy 301 engine is not made by destroking a 327 engine, but rather it is a separate engine in the Chevrolet small-block family with its own unique specifications.