Matt, I think you should send back the nitrous, and stab the cam in the 305. It will be a good learning experience for you, and it will make enough of a difference in power to give the LG4 some omph.
When I turned 17 my first car was an '85 Camaro with a 2.8, and that car *almost* got me into all kinds of trouble. A lightly modded 305 is plenty of motor for someone learning to drive. I know Dave has offered you a good deal on the 350, but regardless, you are still spending more money than you need to if you go with it.
- Justin
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1999 Camry - Beigemobile DD
2002 Suburban - Wife's DD
2004 Grand Cherokee - Not running / Project / Selling?
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