Never curse a ls engine comparing it to an old 305!!! Before spending the money to swap from a 4.8 to 5.3, swap gears. You'll notice a big difference in pulling power going from 3.73s to just 4.10s. IMO if you're going from stock 4.8 to stock 5.3 you're wasting time and money. Now if you swap a flat top (or mill your heads a bit) 5.3 with a towing cam, and LT headers with a tune, then it would be more feasible.
Truck: 05 GMC CCSB SLT Z71,
Go Faster: 5.3, 219/227 .607/.614 112, milled heads, eBay CAI, Circle D 2800, 3030 Built 60E, E-Fans, 3030 Tuned, LT's, Spintech Muffler, DuraGrip w/ 3.73's
Look Better: 10K HID's lows & fogs, tinted Chevy tails