You would not be correct, throughout the Midwest you'd be in last place with a 305 against our class rules 350 motors in Street Stock. I suspect Ark is no different, you'd be a back marker.
A 305 would make a lousy race motor. Bore is WAY too small.
We build lots of Street stock, limited late model, late model and dirt modified motors and have done so for years.
If the class rules let you build to 356 that's what you want to shoot for. If you can run a 400 and stroke it down to that size, use super lightweight cranks and get a 1500 bobweight that's what I suspect some of the top engines are in your class. Within our class rules and within the tech inspectors abilities to inspect our top street stock motors are running just shy of 400 HP SAE on the dyno.