We had an '85 Buick LeSabre Limited Estate Wagon when I was a kid, with the 307 and 200-4R. It went through like 3 200-4Rs and blew up the 307 for absolutely no reason at all, despite being properly maintained all its life. An easy way to tell a 307 was the they were all 4-barrel carbureted right up until the end.
The 307 is really an engine that is not worth putting money in at all. Mention one in a GM shop to the old hands and listen to the reaction. For starters, it has compression that is extremely low. And nobody makes pistons for it, so you have to try and make it all up with the cylinder head.
Which brings up another issue: the 307 Olds head flows absolutely miserably and has a siamesed exhaust port for the middle cylinders. You can swap on a 350 Olds head, but the problem is, with it's tiny bore, you can never get a big enough valve to do anything, as it hits the side of the bore or is partially shrouded by the bore. Edelbrock does make an intake that fit's all low-deck (Technically the 307-330-350-403 Olds are not small blocks, just a short-deck of the 400-425-455) engines but they are designed for the 350 and 403 so you end up with a massive port mismatch
Want to put a cam in it? Well, near the end of Olds engine production, Oldsmobile played around with different lifter sizes and the 307 got some oddball ones. The good news is that they are freakin' massive in diameter, which is good for stability, but the bad news is, they were unique to the engine. So you are stuck with OEM lifters. And you are restricted to regrinds of the stock cam, which was tiny.
It also has the traditional weak Oldsmobile bottom end. Windowed main bearing saddles, 2-bolt main bearing caps, massive crank and rod bearings, an oiling system that prioritizes the lifters first and the main bearings last. They also used 2-piece rope rear main seals right up to the end. So, despite the small displacement, this an engine that you want to keep the RPMs low.
Really it's a lot of hassle to not make anymore power. The only good news is that where a 307 goes, everything up to a 455 goes, although that last paragraph is largely true for all Oldsmobile engines. I like Oldsmobile, but their old V8s had absolutely awful oiling systems.