Chevy Did That
They made the smog era 307. A little better on torque than the 283, but very rpm limited. Wrong bore to stroke and too short of rod length. Small bore limits the valve size that can fit the opening. Can't notch the bores like the W engines. You need at least a 4" bore for a performance small block. If you are just beating around the street, anything works. You still have the cost of custom pin height and the cost would be more than off the shelf pistons and a 350 block. If you have the 327 crank , you might as well make the 327. Same block as 350. Good cheap pistons off the shelf.