Hey man that 307 does have the same crank as a 327. Good power potitonal. the 327 set up the same way as a 350 will smoke it everytime. I would bore it .040, use a set of gapless rings, if your heads are 58cc use them but put a bigger valve set in with a 3 angle valve job and have the heads ported and polished. Get you a nice cam with about a .490 lift, if you go over .500" lift you need to change the springs. There is lots of good intakes you can use. I like the Aluminum Air Gap from eldbrock. Holley 4 Barrel. I am a Big fan of the Mallory Unilite Distributor. Use some 8.8mm plug wires and I like the Bosh Platinum +4 Plugs. Shorty Headers with dual 2-1/2" pipe and 40 Series Flowmasters.

Have fun,

O yea you will probally need a tire fund, you should be ripping the tires off with this set up.