I would just like to say that I love the light and little M1 Carbine. I wish they still sold them new like Springfield sells new M1 Garands and M1As. They sure are a lot of fun and I think it has plenty of range for what it is. Sorry about being off the subject, I just got real excited that's all when 55Guy mentioned the garand and carbine.  

Unless you already have a 305 and no money, the 350 is the way to go.  Engine performance is really all about cylinder head flow and the larger bore on the 350 will win every time.  

For my money, I'd recommend you get a 4 inch block and put together a 383.  These can be done pretty cheap now with cast parts and with a set of vortex heads would make a very reasonable cost street machine.

If budget allows, go for a well built forged 383 with AFR heads.