In my opinion, you won't notice much of a difference in revs between a 295 and 310. Yes the 295 will rev quicker, but with a 310, if needed you could lighted the flywheel to compensate for the weight of the larger piston. You will gain some HP with the 310 over the 295, but how much, I couldn't tell you. I also think the extra power will have a negligible effect on the lower end as long as it and the bearings are in good condition.
Something else to consider since you'll be racing, would running the 310 force you to race in the open class? If you can answer or deal with all the different variables, I'd say go for the 310 as there's no replacement for displacement.
Current Ride (Purchased new in Oct. 84) - 1985 Honda ATC 250R w/ ESR 310cc big bore kit
Wife's Ride - 2009 Polaris RZR 800
Kid's Rides - 2009 Yamaha Raptor 700, 2008 Yamaha Raptor 250
Former Rides - 1975 Honda XR 75, 1979 Yamaha IT 175, 1978 Honda ATC 90, 1980 Honda ATC 110
got sand?