Hey Neville,
Another alternative you may want to look at - Edelbrock Top End Kits.

Edelbrock.com - Power Package - Top End Kits - Ford

http://www.summitracing.com/parts/edl-2027/applications

$1600 (US$) buys you a kit that will produce 321hp/337 lbs torque from
your existing 302. They also have a different kit that will do 367 HP.
You don't have to go through the expense & frustrations of sticking another engine in there - just use the bottom end of the one you have.
The 302 will put out a nice amount of HP with a little love.

We went with the 351W Edelbrock Top End kit - right around 400HP in our 1950 F1.

Good luck over there.

Ben in Austin
1950 F1 (351W/AOD)

 

Ben, thanks for the info, it should ber interesting when I can study it at home. I will investigate and have a discussion with my mechanic about it. It is well worth investigating all avenues before I get too involved with it.

By the way, your truck looks great, love the colour.

 

Cleveland all the way. Here in the U.S. anyways the engine mounts are the same as the 302 and should drop right in place. just get some sanderson FC3 headers for it and call it good. They come cermic coated and are a nice tight fit. BTW mail me some closed camber small port ausi. heads for my cleveland so I can get more torque and less HP out of my cleveland in my highboy 4x4.

 

Those heads aren't worth much here, I have 2 or 3 sets sitting on the shelf that will probably end up at the scrap yard. Everyone chasing hp goes for alloy heads, the CHI 3v heads are nice. 4v heads bring good money but aren't great for streeters.