What exactly made the 305 so terrible? Almost anyone you talk to dislikes the 305.
Next question: How would you address it? Say you want to keep the 305 for whatever reason.
I don't have a problem with 305s in general, my van has one and my buddies truck has one, both run great. Good engines, they do what they were meant to do. Mine inparticular was great when it was running, peppy, got me from point A to point B, but one day it randomly decided to spin a bearing.
I ruined the crankshaft and the #1 and #2 connecting rods. So to answer your question, yes its repairable, but it's not worth it to me at the moment. I'd need to find a new 305 crankshaft, new set of connecting rods, and a full rebuild of the engine, and a rebuild of the heads. Block might even need to be machined.
After that happened I actually bought another 305, that I thought I could steal the crank and rods out of, and reuse my old numbers matching block, but it turned out that engine had also started to spin a bearing, and those parts were junk as well.
I ended up finding a killer deal on a nice L98 350 out of a Corvette, rebuilt it and threw it in. Runs great now. That engine only cost $350, and about another $100 or so in gaskets to do a light overhaul on it. Reused the edelbrock performer intake and carb, and a few shiney chrome parts that were on the old one, and I'm back in business. It was a no brainer at the time.
I did keep the old numbers matching 305 block though, for originality sake, incase I ever want to fully restore it. I oiled it down and wrapped it in plastic wrap, and it lives on the counter in the corner of my shed.