It can be done...buy a adapter from Jegs or Summit to allow the Olds block to bolt to your chevy bellhousing (same adapter a Caddy engine would need,about 75 bucks),and you'd have to fab up some plates for the motor mounts to bolt too,they wont land in the same spot on the crossmember as the chevy ones,but aren't hard to adapt..if you could find a chevy pickup with the dreaded 350 olds diesel,those mounts would allow it to bolt right up..(thats why so many that blew back in the 80's got Olds 350 or 455's installed into them)..
I dont know if the oil pan would be a problem or not,if its rear sump I'd say no,seeing they worked on the diesel 350's that had the same block..
That said,the Olds 307 is kind of a turd,I wouldn't bother trying to use it-one in good running condition is still pretty lame and underpowered..in a heavy truck chassis anyway..might be fine in a light car or an El-Camino..
I considered using one I was offered for free in my 79 C-10,but decided to go with a 305 from a van instead..it was hard enough swapping that into it in place of a 250 six..