Im a big fan of 283s and 307s for cruiser cars; you can use a fairly mild cam and it'll really wake them up, besides people will usually give you stuff for them on the cheap. I even had one nice lady give me $5 and a glass of juice for getting rid of some rusty junk someone hoarded in her shed. Thank you kindly ma'am for your rusty 350 smogger parts that I parlayed into a running 307 2bbl. Add stock 305 heads, Performer intake and a 600cfm Edelbrock with a Wolverine(?) '250H' hydraulic cam (not a roller cam). This is NOT the right way to do it; but my friends vega wagon needed a motor so we could go to spring break LOL. It probably made 220 honest HP (which is different than internet HP), but it ran like a champ, and it was loud and knocked down some decent economy when you drove sensible (Did I mention we were 21 and going to spring break??). Im sure if we had payed attention to detail, it would have done much better.
You have the time and the will to do this correctly. Use the right parts, with attention to detail and it will serve you well. Remember that a 307 uses a little different mindset in terms of parts (Most chevy aftermarket parts are based on the 350ci smallblock) so you'll want to avoid the popular Performer RPM manifold and 650cfm carburetor. You can't use a 2.02/1.60 set of valves in the heads either
Use a quality rebuild kit (Northern seems to make one); you probably want to make sure it has moly rings, a roller timing chain set and either King or Clevite bearings. Camshaft is dependent on your compression ratio, but it'll be fairly mild compared to the 350 crowd.
Ask lots of questions and HAVE FUN