304 and 308 are basically the same engine.. It was to keep under weight penalty for engines over 5.0...In the racing class at the time..
This has nothing to do with WHY G.M engines are used as transplants or in race cars...
In most cases they are the bigger engine.. Due to them being made by the millions second hand they are CHEAP !!!...
They are like ex Jap parts.. The same reason an SR20 would be fitted into Escort etc...
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