Looking at getting a 1987 with a 305 in it and after reading the link posted in the sticky about "how to wake up your 305" got two major questions (I think). From what I read on the all knowing internet 90% of the parts are inter changeable correct? If so how much harm is too much air??

What I'm thinking/planning is to upgrade the stock 305 slowly and when the skys split open and money falls from the heavens I will get a 350 block at some point and move the parts over. Of course this means I would rather get over sized parts for the 305 so when there bolted down to the 350 its not suffocating.

Background: New to Chevy's and to pre 2000 engines in general.