I don't doubt that someone makes a chip for the 305 but it will be expensive and you won't notice much difference. Here is the cheapest and easiest way to gain horsepower from your gutless 305. I am not busting your chops, I had a 1985 Caprice with a 305 and a 1992 Caprice with a 305.
Go an buy a K&N airfilter. These air filters kick class and will give you much more air intake which = horsepower. The air fliters cost me about $42 at Advance Auto. They also offer a K&N cold air system which replaces all the original air intakes with a healthy looking air sucker. From what I have read and heard, that gives you a dramatic increase in horsepower. I think they run around a hundred but I didn't check because I didn't know about them until after the fact.
Now to the down and dirty. To really add horsepower install a Flowmaster exhaust sytem. Flowmaster is the standard for performance exhausts. Plan to spend about a grand on that.
The bottom line is this, the 305CID, or as it is now known, the 5.0L Chevey engine was never much of a performance engine. It has small valves and a crappy cam so you can never expect much from them. If I wanted power I would drop about $4000 and buy a 350/350 crate motor but that would fry your TH-350 or 400 in short order.
Around 150
I have an 82' impala wagon and the factory 305 4bbl that is in it is rated at 145hp.
170hp at 4400rpm
A supercharger would have a dramatic effect.
http://en.wikipedia.org/wiki/Chevrolet_Small-Block_engine jr
Assuming you're referring to horsepower, it's 170 hp
about as mutch as a Saturn 2.2 liter
carb, cam, intake, headers, heads, msd igntion, or a 350
170 HP @ 4000, 255 lb-ft @ 2400.
Around 150 hp
It's rated at 170 hp and 255 ft-lb.
Yes it will, as long as you are swaping from a 305 to a 305.