Hello Ryan,
Hard to say what the final figures would be with all that done to the motor, but I think it's safe to say that it would provide you with a level of power that would require you to modify other parts of the car, namely tires and suspension to maintain the cars balance - i.e. power/control ratio. For one thing, your tranny, the Borg-Warner T5 WC is rated to handle 300lb.ft. of torque which is what your 305 is making stock, so you can see how the modified crate would be too much for it, not to mention other parts such as drive shaft and differential possibly as well. Planting a highly modified motor into an otherwise stock Camaro would destroy some things I'm pretty sure. And bringing everything to spec of course drives up the cost of the project. And you're on a pretty tight budget.
Whatever you do with the crate motor, make sure you know what you're doing, or have it done by someone who does. Especially in regards to grinding, boring, and porting and such. But I would reccomend hanging on to the 350, and just slowly go about modding other parts of the Camaro, starting with some mild work on the 305. And then follow that up with wheels and tires etc. Little by little is good to remember.