The 306, 331 & 347 all have the same bore, .030 over, it's the stroke that changes(ie: rod length), hence the name stroker motor. You can do a search on the Coral and get all the information you'll ever want or need to know about the differences and advantages/disadvantages of any of these and the 351 swaps. 351 is more expensive but has much more potential.
I agree with bigblockcoupe about the weight issue too, you can easily drop another 40-50 lbs with an aftermarket K member too. The advantages of the 351 outweigh the disadvantages if you have the $$$.
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