Wow, if it the thing sat that long, I'd imagine the rings are probably stuck tighter than a nats ass in their grooves too and likely not going to seal well or scrub the cylinder walls. And if you ever seen a nats ass, thats pretty damn tight. Almost sounds as if there is some internal rust going on. If its not that bad, maybe some good thin synthetic oil, like a 5w-20 and running the thing for awhile might free up some stuck moving parts, replace the pushrods, and of course the valve seals will be dry rotted and hardened, so they'd need replaced. Sitting that long and if its low mileage like you say it is, then I think I'd just get me a re ring kit with a full engine gasket kit, go thru the motor, with a ball hone, new rings, new valve seals, and lap the valves just to clean the seats up, and put it back together and call it good to go for a few years. I'm just not a big fan of 305's, never had one, but know several people from way back in the day when 305 was fairly new in passenger cars and had problems. Now, one of my cheap buy squarebodies does have a 305 in it that doesn't run from sitting so long also, and rats have chewed up wiring etc. Now there you might be able to pull a greased wire out of a rats ass !!! If I could get that thing to run for cheap, I'd consider using it, not expecting alot of power, just to see if I could some fuel economy out of the thing. My DD 3/4 ton is running a 454/Turbo 400 and it drinks gas faster than I do Pepsi.