Yeah sure! By the time you get your 350, your 5.0 will need rebuilding again.
Actually, I am one of the endangered species that likes 305's.

 

I figure,i can slide in a new bearing, if it lasts then great. If it goes within a month then ill pull the engine. But if it ends up lasting then i saved my self a rebuild. Whether i pull it now busted, or pull it later if the bearing goes again, either way ill have to do a rebuild. Might as well take a chance if it could possibly save me some work.

 

If it works, then it works. With a badly scored journal, I would think it will spin again.

 

the noise does sound a lot like a cracked flexplate, which can cause the wear on only one part of the ring gear. but since you also have a lot metal in the oil, there is other issues going on. the noise would go away at certain points because of the loading of the engine being in gear. for the amount of effort required to check the bottom end and repair it, you might as well just pull it and replace the engine

 

How long does it take to pull this engine with the trans attached?

 

I agree. There are all kinds of 350's out there. Now's the time, especially if you have a rod knocking. Chances are the engine has seen better days.

 

Where could a get a used or blown 350? if i can get one for cheap i wont mind rebuilding it. Want to keep the carb though.

 

I would look locally at junk yards. Many GM trucks, and cars had various versions of the 5.7.

 

Would it drop right in with the cross member and current mount setup, or would i need to do some modifications to get it to fit properly?

 

You probably will not need to modify it to drop in. I had a friend of mine who needed an engine, he found a dead car except for the engine. He payed 200 dollars for it? Anyway, they drove it home w/no breaks, took the engine out, and scrapped the rest. Not a bad way to transport an engine. There are many variants of the 350 out there, and they are out there.