I dunno. The 305 isn't much of a motor to be a true "muscle car"....only 180hp stock even in the SS "HO" edition (compared to 160ish in the non-ss). Even with some mods to the motor you'll be lucky to get 225, and that's still not a whole lot of power to scoot around a heavy 80's car. My mother has an Acura TL with 260hp and weighs a bit over 3000 lbs. I think it's pretty quick, though no comparison to the Vmax. Even if you managed to get 260hp out of that 305, it still won't perform to a bone-stock modern "sport sedan" the typical soccer mom might drive. Plus, 80's cars just aren't worth what the "real" muscle cars were, while the Vmax was and is the original, true "muscle bike". I'd think fun-factor would be no comparison. The Vmax is like a million times faster, and even a stock '85 would handle better.
Not a very good trade IMO. Chevy kind of *******ized the "SS" badge as years went on. They give it a few extra horsepower and racing stripes and now it's a "super sport"? It used to mean the special package that had the super-size V8 and 300+ horsepower(at least gross). How a POS econo-box like the Cobalt could ever be "super sporty" is waaaay beyond me. Maybe to ricer wannabes that can't afford a Civic?