So what are the numbers for the 305 and the I6? I'd compare 350 as well because by all accounts, 305's and 350's end up getting the same mileage in these trucks. We already know the 6's don't do as well as you'd expect in mileage based on their displacement, which means they AREN'T efficient. I suspect you'll be pretty surprised at the 305 low end torque. Not sure if all were, I suspect yes, but the truck 305's were all 9.2:1 compression ratio, so if looking at another vehicle 305 just for comparison, make sure compression is the same.
I see the mention of the AL head, but looking at Clifford, their rebuilt head is over $1000. You can do a V8 with Vortecs for less than that! On that note, the cylinder heads appear to have the same problem Oldsmobile does...outdated chamber design that doesn't perform as well as modern stuff, and that will ALWAYS be a hindrance to the motor. If whoever is making it is smart, the new head will have updated combustion chamber design, but when Edelbrock made their Oldsmobile stuff, they ignored technology in favor of the cool factor of aluminum.
In any case, if a rebuilt stock cast iron 6 cylinder head is over $1000, I can't imagine a new, aftermarket AL head is going to be cheaper.
There is something to be said about doing things differently, but unless it's a show truck, being different doesn't mean it makes sense, at least to me. If you could get V8 torque down low (heck, V8 all around power) with mid 20's mileage, I'd be all about it, but that's just not the case.