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No it won`t directly fit , but that is not much of a problem if you use the transmission from a 302. The 302 is a very good engine for some economy and power, makes a nice cruiser. I am putting a 302 in my 56 M100.
One of my buddies and my project was a 66 Mustang. We dropped in a 302 from a 69, as well as a 3 spd manual. Accelerated like a raped ape! I'm sure you can do the same. Mike
I was thinking of using an extra 302 and C6 I have in the 54 F350 I'm about to purchase (yeah, it's from my grandfather so I'm already making plans ). Only reason I hesitate to send it to the machine shop (besides the fact that I'm already paying the shop $$$ for the 302 I'm having done for my 67 Fairlane) is that the original 239 and 4speed still run. Dunno if I could drive it on the road with that old tranny though...
If the old engine/transmission are operable then give it a try. Don`t fix what an`t broke unless you don`t like the old 4-speed. More of a concern will be the rear gears being way too low made for slow speed operation. These old trucks were designed for work and heavy loads, not highway speeds. good luck and enjoy!
My 302 and C4 (in a 56 F-100) shifts thru the 3 speeds in a few seconds, tops out without making me nervous at about 55MPH. Just fine for a daily driver to work, and hauling, and very short trips up the interstate (at 55) I would want to change rear end gears before I took off across country.