Anything you can do to a 283 or 327 you can do to a 307.
But the stock 307 cylinder heads got to go. Once you bolt a high performance small chamber
cylinder head onto it, it becomes a high perf , high compression motor just like a 283 or 327 or 302 for that matter.
These 307 engines make a great low cost base for a supercharged motor using the 142 weiand blower. Replace the stock 307 heads with (the good) large chamber 76cc heads with large 1.94" x 1.60" valves and you are blower ready. Preferabily ported heads. The resulting low engine compression ratio is just right for generous blower boost and power on pump gas.
A low cr 7.5:1 307 with 10-12 psi boost makes a ton of power. (2.33:1 blower drive ratio)
Such a 307 SBC with a blower friendly moderate solid lifter street cam Crane Mechanical Flat Tappet Camshafts 113841 - SummitRacing.com
will rev up 7000+++rpm and make well over 450 supercharged hp.
Be prepared to go fast.
The 305 is much the same story. Just cause the factory didn't hot rod these motors does not stop you from hot rodding them.