Ricko is not off base with his recommendations. If you have a place that says you just need "this" (cats, or fill in the blank) to pass; you may be better off taking that route, assuming its not stupid expensive. If the guy wanted to be a butt it would all have to be near like it left the factory.... missing a sticker, sorry, you have to have it.... wrong type air cleaner, same... This thermo valve, that no one has in stock or no longer produced, is not working and needs replaced etc, etc, etc. You could win a battle and lose the war. Some/ many places will look that it all "appears" to be correct, in place with no obvious damage (hence, wanting to have cats) run the sniff test, if its below limits, you are golden.
Also, contrary to what some have said, if they know where to look closely and are knowledgeable, a 305 has a few observable differences from a 350, casting marks on the ends of the heads, harmonic balancer are quick checks with a flashlight and mirror. Often the engine code on the right front block pad and casting numbers at the block left rear are quick checks in a full size truck.
This leads back to if you have a shop that says (in writing) that you need "this" to pass. I'd be for making them happy and getting the smog slip.
You may also be dealing with a guy that would be happy to have the correct information and be willing to work with you.
Going stock would also require putting a single exhaust system on the truck. Only you can determine the best course and it would likely depend HUGELY on how you present it to him.
G'luck
Butch