[Mr. P-Body]

Yup, there are two "882" castings. The front portion of the number is different. The "good" (a relative term) is the "heavy wall" casting. The other is the "thin wall", and is probably cracked. You can tell them apart by looking at the edge that "hangs" over the outer side of the block. If it's flat, with one "dimple" in the surface, it's the heavy head. A scalloped surface is the light one.
We do a fair number of lower-level circle track engines, where rules are enforced. The 882s ar "legal". They usually CC at 76. The rules require a minimum of 75. The more popular numbers for such a class of racing are 487(x), 993, 997 and 336. 441s are considered the BEST factory large chamber small block head, but are precluded by rule. 882s don't have the better runner shape and bowl design of the more popular heads.
The 601 casting (305) is the "HO" version. It has nice runners, and a 54 CC chamber. THAT'S the head 350 guys are talking about. Any of the other 305s aren't much different than the 350 stuff.