You all are correct, the MSD won't really help the 307. The stock HEI does an admirable job. Solid for 11s in the 1/4 mile in stock form with stock AC Delco parts.
I hate to say it, but $ per hp, the 307 is hard to build vs starting with a 350 or 403 Olds and go from there. Or even a 400, 455 or 425 makes a nice bolt in too. There were 2 400's, one is undersquare and one is oversquare. Torque output is affected some and what rpm it comes in.
1987 Stock 307, 140 hp/255 lb ft torque VIN Code Y 1985-1990
1984 Stock 307, 180 hp/245 lb ft torque VIN Code 9
1984 Stock 307, 150 hp/255 lb ft torque VIN Code Y
1977 Stock 350, 170 hp/310 lb ft torque VIN Code R
1977 Stock 403, 185
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1976 Stock 455, 200 hp, around 350-370 lb ft torque.
Now, these are with pathetic lame cams, and terrible restricted heads. It doesn't take a whole lot to make the 350's, 455, and 403's really run good. Even the 307 will respond. But to a lesser extent. The big engines are like a multiplier to mods. And bigger engines have more low end torque, which is what is needed to move our hefty cars along.