What do you plan to do with the car once you can drive it? I assume, from the nitrous, you're planning some form of racing right? Then like the others said, worry about the engine later. Make the rest of the car safe and functional first. You don't want a 305 for racing.
Secondly, how important is the "correctness" of the car to you? A few performance mods, but otherwise as stock as possible? A showcar that will see little pavement? Or is this a strip racer only, so you just need the bare essentials to get it down a track? Depending on your outlook of the car, whether it has to have all numbers matching, or all after market performance parts compatible, you may decide to simply remove a number of things and not worry about them (AC, radio, carpets, etc.).
Lastly, how much money can you afford for gas, insurance and tickets when you begin driving and feel the freedom of the open road? There are so many members here who get bitten on the ass by insurance companies, and are reckless enough to get many tickets, all before their 21st birthday. In my opinion, a 17 yr old doesn't need 300hp the day he gets his license. What he truly needs, and what he really wants, can be compromised with a great looking f-body that has moderate power to enjoy the feeling of being pushed back in the seat, without trying to control a monster that'll vacuum up every penny you might make from work. Maybe the 305 is best for you, for now. Get the car working, the 305 running, and enjoy that a while. You have got your whole life ahead of you.
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I USED TO HAVE an 85 Camaro 305 4bbl, 90 Firebird V6, 97 Firebird V6 (10 speakers!). Despite the two family vehicles, 3 kids, wife and mortgage, I can finally realize the dream - 88 TA almost all stock... for now.
http://www.cardomain.com/id/untameddave
Wanted this -  , but ended up with this -  for free. Can't argue with free.
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