Use an inverted dome piston w/a tight
quench. KB sells a 10cc dish like this but you may be able to find a smaller dish elsewhere.
There are lift rules circle track cams by several manufacturers. I like Isky for circle track, but there are others that are good, too. The duration is what you will need to look at the closest, along w/the intake closing point. You'll probably find that a relatively close LSA will work well but I wouldn't go overboard w/it. Something in the 104 to 106 degree area is where I'd start.
I'd use a short travel hydraulic lifter and very little preload even though Crower makes a cheater (their word) lifter that looks just like a hydraulic but is a solid. No need to cheat- this sounds like a drivers class anyway, and if you go flying by everyone, you will get protested and torn down w/o a doubt. And if the scrutineers are worth their salt you will be caught.
There are fast bleed down like Rhodes and Rhodes
V-Max lifters that could be useful for lowering the duration seen at the valve. Even though they also lower the lift, it's the loss of duration on the bottom end (you get it back above 3-4000 rpm) that would help more than the loss of lift will hurt when using a cam that has a ton of duration @ 0.050" lift. It would allow you to pull harder off the corners, while allowing for more top end than you could ordinarily get using the same cam w/normal hydraulic lifters. These lifters are also used where there is a vacuum rule because they increase the vacuum over a normal lifter at idle.
Note- There are other thoughts on lashing hydraulic lifters as well as camshaft specs. Study the subject carefully and see what you come up with.
I'd want 0.080" wall pushrods, screw in studs and guideplates and a spot on
valve train geometry. The rest of that page has a number of points that need to be checked, too.
There are authorities on reworking 305 heads for max performance that hopefully will add their thoughts so I'll leave that to them.
Use as accurate of a rocker arm ratio as possible. This can make a big difference considering stock rockers have been measured to have as little as 1.35:1 ratios! You're already lift limited, so you want to keep what little you have. Instead of GM rockers, look into a set of
Crane stamped rockers. There are others as well, but Crane is what I have experience with.
The carb could fill a book, suffice to say it needs to be spot-on and tuning it will matter a great deal. Be prepared to go to school if you don't know them well now, or to pay a good chunk o' change on a custom unit from Ruggles or Jet.
Ignition timing may also be important if the engine is cycling from relatively low to high RPM during the course of a lap. But if you are maintaining at least 3000 rpm, the timing really only needs to be set to the max power timing and left there. You might try experimenting w/a curve to see if there's something to be had, but don't be surprised if the lap times as as good w/the timing locked. No need for a vacuum advance, so remove it and use a lock out plate in its place. These were on production vehicles for a couple years during the '80s, but you can buy or make one easily enough.
The exhaust system can fill a book, too. I would give a hard look at using a single exhaust system. They can make superior low end torque and are lighter. Otherwise, use a crossover and if you
have to run mufflers put them as far to the rear as you can.
There's just soooo much more, but given the scope of an internet post, that's about it for me. I'll end by saying that
handling is as important- if not more so- than hp.
Good luck.