When I swapped the motor, I just plugged in everything from the old block into the new one, So I am still running all 305 stuff except for the chip. My question is, what effect could running a 305 knock sensor have on my 355?

 

The knock sensor and, I beleve, ESC module (not the ignition module or ECM) are different from 305 to 350 (different part numbers) but there are many on this board who have done exactly what you have done and report it still works just fine still using the 305 parts.