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5.0 HO has a roller cam in it. Regular 302 doesn't.
302 is lighter than a 351, and may have advantages in high reving applications.
For low-end torque, the 351 wins. 302 can't beat the displacement except with forced induction. And then to be fair the 351 would have to be force fed. Don't know if you'd get a clear winner before the stock Ford blocks gave out.