Hey man another '77 child
I'm 2 weeks before you (Jan 24)
The 77 350 block has webbing, which the block isn't as strong as they were 5 years before that. It's still a strong block, but if you're planning on making a drag car out of it, that block may not hold up as well. Sounds like you just want a cruiser and it could see some track time, so you're in good shape.
300 hp can very easily be achieved from a 350 Olds and for not too much cash either. If you get a cam from
Mondello or check out the Comp Cam kits on
Summit throw on a Edelbrock Performer RPM Manifold and maybe 5a heads (may already have them) you'll be up in the 300 area. You could go the extra few yards and take those heads to a maching shop, get them cleaned up, and put some new stainless valve in there. (2.000 on the intake and 1.675 on the exhasut I think) you'll have a really nice cruiser. Throw on a 2.5" dual exhaust with Flowmaster 40's to really turn heads
Where in NJ are you? I'm right across the river from trenton, and I grew up in Philly, about 10 miles or so from Palymra. I race at englishtown in the summer