When I first got my motor in the car and took it to the dyno...with out a chip and just fuel pressure and timing adjustments, we made 317hp and 377lbft of tq. this was with an upported lower performer intake (restrictive!). Numbers were still low...even for that. I suspected the cam. Well, after looking at the cam specs and the dyno sheets...it wasn't adding up. We found the car was going into valve float at 4,800rpm. Tore the valve train apart. The valvesprings had low...and I mean LOW seat pressure 70-80lbs closed....it should be 130-140 with the cam I'm running. Well, we redid the heads, and right now I'm swapping to a victor intake. This should REALLY wake the motor up. I just went to my local tuner the other night to pick up some parts. He dyno'd a fox with a 347 (not alot of cubic inch difference) with the same 185s, systemax intake, and a comp cams xe cam. UNTUNED FIRST PULL, 368hp to the wheels on motor with 350lbft tq. I didn't stick around for the final numbers but I'm sure they came up.
The combo you want to build on a 306 WILL be stout so long as the cam is right for it. There is absolutely no reason you can't make 330-340 rwhp on motor alone. Throw 10lbs of boost at it, it should get up to the levels you want....NO problem. Get a reputable blower (Novi2000, S-Trim, or ProCharger) for it that can support all you want and THEN some. And remember, if 10lbs doesn't get you there....you can up the boost but I doubt you'd need to. I know of guys with stock rods, crank, forged pistons, ARP hardware, H/C/I, and 13lbs of boost.....565hp on pump gas all day. Stock = borrowed time but IT CAN BE DONE. I can't tell you enough that if you're going to stroke and power add, GET A DIFFERENT BLOCK. You'll hate yourself for not doing it. 5lbs of boost on a blower that can support WAY more than that is a waste of money, in my book.