I don't know how boost changes things; but I have found Trick Flow heads to be a very good bang for the buck head. The TFS 185's may be a little bit more $$$, but I think they would run nicely in a 306. I would suggest upgrading the valvetrain if going with a high lift cam. I don't think I would go with the GT40's unless I was on a strict budget.
I would contact a custom cam grinder for your application and tell them/him/her your specifications and goals. Though, my knowledge and experience is very limited, so take this with a grain of salt.
Also, from what I have been told by many people, the stock 5.0L block's weakness is more RPM's than it is HP numbers. RPM's seem to be the limiting factor when it comes to an engine's lifespan. This is the main reason why I will keep the 5.0L that I got from another project and swap it into the Ranger. I don't plan on twisting it out much; probably nothing passed 6k.
XLTbeater