I wouldn`t go the 305 heads on a 350 route. Fast revving means the rotating assembly must be as light as possible and depending on how high you want it to rev will be expensive also. A engine don`t have to rev fast to make power, if you went with a chevy 383 it won`t rev the fastest but it`s torque makes up for that, it would blow your friends 302 away. If your stuck on a fast revver then I suggest a 327 or smaller small block, a home brew 302, etc.
Don`t waste your time on a 305. A 307 chevy can be made into a impressive runner itself, the car will have to be regeared, and if it makes any kind of power the 7.5 rear will not last long. a 350 revs fairly fast also, and it would be easy to make enough power to compete with the 302. It`s also the cheapest route of all being it`s the most popular. Not only can you go faster, cheaper with a 350 compared to the 302, you`ll also enjoy it`s 48 more cubic inches.