In my old Champion framed XL I tried a number of combos including a very highly modified stock bore/stroke 350, a mildly modded 11-1 comp 420 and a 12-1 compression 305. The 350 was by far the quickest but the 305 cut equally as fast lap times due to it being so easy to ride. The 420 was a torquey bugger that was prone to wheelstanding and breaking third gear due to the extra torque. If I was building another XL I'd build a 305, if only to get some life out of the gearbox.
I'm actually negotiating to buy my old XL 350 back. In fact the whole Champion Honda is (or was) for sale but I don't want to go down that path again.