Having read thru the whole thread, here's MY tuppence...
If the truck's running okay, change the oil and filters and drive it. Simple.
Dan has the right idea...throw $10 a month or whatever into the kitty against the time that it's NOT running okay. When you've accumulated a few hundred dollars, decide whether you'd rather spend it on 305 hop-up stuff, or keep saving it for a 350/400/Bill Miller hot-rod $14,000 stroker SBC or whatever. The 305 should last several years; you may grow a considerable amount if you keep the money in a bank, and keep it sacred for this one purpose. LOTS of choices, lots of choices...my personal preference would be a 383 stroker kit for a vortec 350. Good power, good economy, easy-peasy change-out...and you can do it for $1500 or so. Even my cheap old man would (did!) go for that.

