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Can a 305 Chevolet engine and matching transmission be swapped with a 300 Ford engine out of a 1987 F-150? If so are there any mods. required? Any other usefull information would be appreciated.
Short answer: no. Lots of mods, lots of work, and is a "wee-oh-five" (GM's third crappiest engine) really worth the trouble? Send the 305 to the scrapyard where it belongs and get another 300, or if you're interested in V8 power, do some looking here for 302 or 351w swaps.
You can do it. But unless you own a machine shop, a cutting torch, a salvage yard and a great auto parts store you should go with a Ford 351. That way you can find the parts to bolt it together instead of re-inventing the wheel.