In my OMC owners manual it gives the overall ratios:
5.0: 1.50:1
5.7: 1.41:1
so you can see the 5.7 is geared a bit taller for higher top speed, but you will have to go down in prop pitch to make up for it, not sure the weight/size of your boat...
On my 4.3, it came with the wrong prop for the engine/drive (1.68:1 ratio) which was a 14.5x19. I switched to a 15x17 which was better and wound up with a 15.5x15 which is the best of all for performance, it revs a bit higher than spec but that allows for the boat gaining weight over the years and numerous coats of bottom paint lol. 4900 RPM wide open.
One thing you DON'T want is to not be able to get the engine into at least the middle of your max RPM range spec. That is for the 305 (5 liter) 4200-4600. So you want at least 4300-4400, I prefer to prop at the top end, it reduces the load on the engine from pulling the boat up on plane.
What prop do you have on it now?