to answer your original questions, no the 305 is not a complete piece, my stock LO3 ran 15.9's in showroom condition.
you are losing some time by ringing it all the way to 5500, shift it at 5000 at all will be well.
if the trans is fresh and this problem has only shown itself since you installed the air cleaner spacer i would say the spacer is the problem. if the problem occurs without the spacer sinc ethe trans was freshened then the governor may be set a little too light or have too heavy a spring on it. any reputable trans shop coudl fix that in a few minutes or you can get a whole kit and do the adjustments yourself for about $20.
you should also keep in mind that your car has 2.73 gears, 2nd gear carries a long way and to pretty good speeds with them.
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