Clear up something in the original trans-am cars?

I think I am correct in saying the cars used for sanctioned Trans AM races were destroked to 305 CI.

I think I understand what you're asking though. In other words, WHY wasn't Chrysler forced to make the street cars the 305 cubes? I have no clue.
Yes, Chrysler used a destroked 340 motor for the racing Barracudas and Challengers, because it was within the rule space for T/A racing. Actually go look at the real specs for the Chev and Ford motors used for T/A racing and those which were made for the 'public' sold vehicles and you will see the differences that where there also.