Actually, the factory guys new how to meet a price target set by bean counters!
I'd only use single exhaust on a 305 or 350 if it was 3" all the way back to a massive muffler. (2.5" after that may be OK.) Heck even modern SUVs with 3.5 liter engines use 2.5" or the metric equivalent.
For a more traditional path to increases in fuel economy and performance, I suggest dual exhaust with 2-1/4" minimum all the way back, and 2-1/2" if using crush bends. Also mufflers that don't "neck" down internally (easy to see). An example of a good performance muffler without a lot of noise is the Walker Dynomax Super Turbo. Then there's something like Magnaflow for more noise. I'd suggest mufflers with a 20" long case. The shorter ones (around 14") will be noisier.
I have 20" Dynomax Super Turbos on my truck, and my son has 14" Magnaflows. Big difference in sound, but I have to say his aren't too objectionable.
Check out these guys for mandrel bent pipes:
http://www.heartthrobexhaust.com/
However, I would not use their mufflers.