Edo,
On a stock grey, the Holley would be more pain-in-the-bum than benefit. They are a great carb, but are not a panacea - the wrong Holley on a given motor is a big step backwards, as many have found.
You would need to go one of the baby Holleys - the 390 is not a bad starting point (some discussion here:
http://www.fbekholden.com/forum/viewtop ... 25&t=18147), or a 350 2-barrel (
http://www.fbekholden.com/forum/viewtop ... 25&t=15098), but...
a) would need to be vac secondary. Mech secondaries would be majorly boggy... so you put the boot in harder, giving you the famous "this thing sucks fuel like a straw" that oversized Holleys are reknowned for.
b) you would need a funky new manifold. The adaptors to put Holleys onto single barrel Strommie manifolds are crap - the fuel flows out the bottom of the Holley throttle body, then comes to a dead-head on the adaptor plate. Lots of fuel drop out, crap fuel metering (runs lean, then vapours the fuel to run rich)... so you put bigger jets in, giving you the famous "bugger me, even with my fancy jets this thing won't work" response. To do it properly would mean either fabricating the manifold from scratch, or furnace brazing a decent mounting face onto the stock manifold.
c) you get the same crap fuel distribution that the single Strommie is reknowed for (3-4 run richer than 1-2 and 5-6).
d) you get a monster carb that will be boggier than the stock Strommie, though will have more top end. Not much use unless you are wringing its neck on the speedway. As the guys have pointed out, the carb soon stops being the restriction, and the heads, valves, exhaust and cam overlap need to be upgraded to squeeze out that top end... at which point the hydra craps itself

.
IMHO, I'd reco the single strommie - it will be cheaper, more reliable and a better fit to the vehicle.
Cheers,
Harv
327 Chev EK wagon, original EK ute for Number 1 Daughter, an FB sedan meth monster project and a BB/MD grey motored FED.