A 70s era 305 is indeed a real dog compared to an L69.
L69s have great heads and an additional 1.3 - 1.2? points of compression to work with.
If you wanna play with a smogger 305, consider those factors. The 601 heads have decent chambers and are 53? CC but the intake runners are "meh" at best.
POP some flatter top pistons and change your cam I bet it'll run ya good for awhile. I think you'd be wasting both time and money rebuilding 601 heads, says the guy that just put #416s on his 350 to replace his 426s? 624426?
Whatever..
I used to have an L69 that would KICK THE **** out of a whoooole lotta stuff, i'm a believer in the 305 powwa!
I'd have to show em. Thank god it has 5.0 cast on the block, nobody believed me.
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