I also need to know what performance add-ons I can do to upgrade the H.P. of the LO5 5.7 engine. I would like to put a simi-mild can and solid lifters in the LO5. Need some advise on this also.

You don't want solid lifters, just get a mild cam with hydraulic lifters, headers, mid rise intake and upgrade the ignition system.

I think I understand why you recommended Hydraulic lifters, but I have this set-up in my head and want to install the solid lifters. 34fordroadsterer

Also I have been contemplating a turbo added to this LO5. What do you recommend

I'm not a fan of forced induction, just old school I guess.

Unfortunately the 305 is not high perf like a 302. It's low comprssion & low 175-200 hp. I modified a 307 (same thing) with a duel profile torque Crane RV hyd cam & tube headers. (more duration on the exhaust lobes) & made 250- 300 hp! A high lift solid cam requires pop-up notched high compression pistons that are not in your 305. Unleess you spend big bucks for 302 engine parts you still don't have good big 202 valve big port heads. Better to do a mild mod on your 305, & save up for a Chevrolet Performace 350 crate engine.