305 TBI for a 355

[Todorovic]

Hi.  First to introduce myself, my name is Igor and I own two cars I love.
A 1981 Olds Delta 88 powered by a 455, th400 and 3.23posi.  The second
(recent addition) is a '88 WS6 Trans AM with the L03 305 TBI, t-5 trans and
3.08 posi.  The TA has a 140,000 mile 305 that makes no power and needs to
go.  I would like to replace it with a 355 but on a serious budget
(university tuition and all).  Actually, it really could use a new motor so
that is a must.  The 305 I have so I can work on it.  355 I can get so that
is another option and would like this better 'cause for the same stuff I do
to the motor I could get 40 more HPs or so.  My goal is to make this TA get
good gas milage and still be able to take a 5.0 Mustang (somewhat modified)
in the 1/4 mile and top end.  BUT HERE IS MY CONCERN.

Can my 305 TBI work with a 355 with little or no mods.  What would changing
a PROM do?  If the TBI can't work with the 355, what would be minimal mods
necessary.  Also, will I need to change the throttle body or the ECM or just
the chip or nothing.  Right now the motor stops making power at 4000 RPM,
starts to slow down at 4500 RPM.  I would like it to PULL to 5000 RPM and
that to be the shift-point.  I think that I would remove the A.I.R pump if
possible and add some shorty headers to the car.  Also, it has no cat and
has a Dynomax muffler right now.  Thanks a lot guys.  I have been debating
what to do because I can't get a concrete answer on the fuel injection
question.  I know that a Holley throttle body and the Edelbrock intake is
desirable, BUT, in Canadian funds that means about $1200 with a Jet Chip and
I can't afford that and the motor.  Even if the 355 dosen't live to its
absolute most potential with the TBI, that is OK.  As long as I can pull 250
HP and 325 ft-lbs of torque.  Thanks.  Igor.  Here is my web-site IF anyone
is interested:

http://members.home.net/igor455/olds.htm