I guess if you rebuild the 307 for a stock racing class or a show car it would be worth it. But you would get more power out of a 350 with a dead cylinder running on a two barrle carb. 
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Ferris, my father loves this car more than life itself... Apparently, you don't understand! Ferris, he never drives it! He just rubs it with a diaper!
Cameron Frye Ferris Bueller's Day Off 1986
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