Throw the engine and car in the river and get a Ford or something else that will run.  

I like the idea that someone else in the thread submitted; find a cop car or taxi cab in the junk yard, and take all the good brake and suspension stuff off it, and take the engine also.  Best bang for the buck!  Ex-cop cars are "sport sedans" and are cool.  It'll handle like a 4-door Camaro! Put a timing chain and cam in it, and it'll probably run for another 50-75k miles.    

Vortec heads

Headers/exhaust

Comp Cams Xtreme cam (I don't remember the part #, but stay under the .470 lift max for the factory vortecs- or is it .480 lift?)

gears

shift kit

nitrous always cures anything else needed

steel wheels/dog dish hubcaps

aftermarket sway bars/shocks

then shock the 350 owners

is the car carb or fuel injected?

well  there is not much you can do with that turd,but you can bolt on all the same goodies as the 350 and oneday when you get the time and money you can swich over to the 350 and use all the parts and knowledge you gained while working on the 305........good luck and remember KISS (keep it simple stupid) i have to remind myself of this one almost daily........Brian  

I like your idea, but make it a crown vic.  

some uses for a 305 are ,boat anchor,a planter(remove the heads fist though) counter wieght for a farm tractor,put a board on top for garage table,ect ect ect.  

305 is useless.  the bore is soo small any decent performance head is going to have its valves hitting the deck of the block.   go buy a 2 bolt main truck block 350 and swap it. 

or else do like others have said and dump it and buy a real motor (FORD)

Dont listen to everyone elses rants about the Little Ol' 305... Most people will say "Theres No Replacement For Displacement" and thats true, but I, like you, want to be different and I'd say bore the 305 to a 335... I personally know a 335 Stroker with TPI that runs solidly in the 11s and is still a street car with mild weight reductions and still weighs in the 3300 pound range... The 305 gets a bad rap because most people dont wanna work with it and just get a 350 or 383 that everyone and their grandma has... If you do go the 350 route, and still wanna be different, bore/stroke it to a 377, which make good supercharger/turbo motors as they breath excellent in the upper RPMs... Hope this helps  

Hey, again nice to see another B-body fan out here. I myself have a 1987 Caprice Classic Brougham, the last model year with the ECM-carburetor. Yours being an´89 apparently is a TBI. As far as performance upgrades go, I´d stick to simple upgrades with that 305. Unlike everyone else likes to point out, the stock 305 will be an OK motor for a daily driver such as yours. Mine at least, even at 200K provides excellent fuel mileage (24 mpg highway) and ride comfort considering the size and weight of the vehicle. Hell, It even beat a similar-vintage Golf GTI at a stoplight-race once, so what´s not to love about this thing...? I´m assuming You´re not planning to win any drag-races with it however. And even if You were, You´d still need something that´d have to be trailered in anyway, no matter what make and model it might be Anyway, for starters, I might look for a low-restr. air cleaner, aluminum intake and dual exhausts, and see if there might be any difference in performance. Any further long-term upgrades would however, involve machine work, so instead of any bore-and stroke-attempts I´d imagine You´d be much better off looking at the complete, readily available new GM crate 350´s. This is what I´m planning to do with mine once the stock engine gives up the ghost. I´d imagine this would provide far fewer headaches and considering how expensive good-quality machine work alone can be, probably be far more cost-effective, too. As far as I know, You can have a stock ´94 Caprice Vortec replacement engine new for less than 2 grand brand-new from GM. They also offer the high-perf Vortecs and I know of an ´85 Caprice Bham from some years back where the guy put in the (now discontinued) 300hp Goodwrench and according to him didn´t change a thing with the ECM similar to mine. Consult a knowledgeable GM tech expert and ask if any of their performance engines might be compatible with Your TBI. 

You didn´t state what model Your car is; a Caprice, Caprice Classic or Caprice Classic Brougham. If it is, indeed a B-ham, it already has the "F41 Sport Suspension" stock, which includes everything that makes up the "cop/taxi suspension"; higher-rate springs and shocks, wagon hubs with the 5" bolt circle and anti-sway bars both front and back. You might want to check the condition of the various bushings in the suspension and install a set of good-quality shocks. Mine has adjustable Koni´s up front and Monroe air-shocks out back and I really like the way it handles (for a big,heavy car anyway).  

Good luck with the fine choice of a vehicle.