Well my father has purchased me http://www.summitracing.com/parts/CC...s/?prefilter=1 which includes the XE262H camshaft. He also purchased me pushrods and rocker arms. Is that camshaft going to work. Is this camshaft going to hit the valves or is it okay?

My second questions is i also got a th-350 nonlockup transmission. I need to purchase a torque converter for it. Any suggestions?

 

The cam should be fine for clearing the pistons and valve guides if the rockers are 1.5 . You won't need a torque converter either. The cam will be a nice wake-up for the 305 without being too wild. Don't gimp out and not change the springs, retainers, keepers and seals.
Remember they can be done without pulling the heads.
Your dad must be pretty cool, that's a lot better Christmas present than a sweater!