350 Advantages:
* More power: The larger displacement (350 cubic inches vs. 305) inherently means more power and torque, particularly at lower RPMs. This translates to better acceleration and towing capacity.
* More durable: While both engines can be durable, the 350 is generally considered tougher, able to handle more abuse and modifications. The 305, with its smaller bore and stroke, can be more prone to problems with higher performance modifications.
* More readily available parts: Parts for the 350 are significantly more abundant and generally cheaper.
305 Advantages:
* Slightly better fuel economy (marginally): In some applications, the smaller displacement 305 might offer slightly better fuel economy. However, this difference is often negligible, especially if the 350 is properly tuned and driven.
* Lighter weight (slightly): The 305 is slightly lighter, which can be a minor advantage in some applications.
In short: Unless fuel economy is your absolute top priority and you're not planning on modifying the engine, the 350 is the better choice for most applications. It offers significantly more power, torque, and overall durability. The slight advantages of the 305 are generally outweighed by the 350's superior performance capabilities.