I have the exact same car but it's a different color. I used to see that car all the time around the westside and CSCC, I recognize the black moldings and pinstripe. The 305 is reliable, but slow as fuck, don't waste money modding it. You can do a T56 swap in a day if you know what you're doing, it's not difficult as far as trans swaps go.
If you wanna know about engine swaps or anything else, the best site out there for these cars is thirdgen.org, go there and read up. 3rd gens get no respect, because like yours (and mine) most of them are slow and look like hell, but they are awesome cars when done right