Yes, you can make that carb work quite well on that engine. It will need a few mods and changes to the setup but nothing too drastic. (I'd pass on it if it is a computer controlled carb though.)
You may need to change the jet/rod combo and mybe "size down" the airbleed (if it has the large main airbleed). Also, I think (not 100% on this) that some of the 305 carbs had the secondary limited so that their throttle did not open all the way, limiting air flow. Even if this is so, this problem can be fixed also.
The end result will be a carb that works much better on the street than aholley or edelbrock and will keep up with either of them on the dragstrip. The airflow potential is definitley there, you just gotta fine tune it to your engine. I'd sell the edelbrock, you could prolly get some good $ for it and buy several Q's at a swap meet for the same $. (the edelbrock is popular for the "bolt it on and it runs" mindset that guys have. However, that being said, it says nothin for the mixing ability of the carb itself. It really is not that efficient compared to the Qjet especially in the lower rpms and can cause premature engine wear due to the fuel washing tendencies (they were set up with a rich fuel curve so they could be used on a broad spectrum of setups). I'd get Cliff's book if yu dont have it already. (it answers the questions of "how")