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First lets talk budget. If you are set with an ungodly large cash supply you can do anything you want. But in reality you need to figure out what kind of racing you are talking about. If you are mainly thinking of going with street/strip with more street then strip do a mild upgrade. Less out of pocket expenses then if you were making it a strip engine.
You have many options available to you. There are stroker kits available to make your 302 a 347. By far the cheapest way to make hp with out breaking the bank. Plus you can add a little at a time once the foundation is set.
Then the next question is what are your future plans for the engine? Do you want to run nitros, turbo, blower, or a super charger? Forced induction engines require you to use a lower compression ratio then nitros. Nitros requires forged pistons to handle the added stress. Also if you plan on building your engine for gobbs of rpm then you need to make sure you have a strong lower end. Meaning crank and rod upgrades.
If you plan on running stock components in the lower end you can simply upgrade the heads, intake, cam, and exhaust to make the ponies fly. Ford is notorious for under porting there components. Porting the heads and intake to match is a much needed thing on stock heads. But you can buy heads and such for a decent price at local swap meets and even on e-bay.
Look around a little and figure out what you want your engine to do before you start to buy parts. Many times people will just start buying things without knowing what they really want. Plus you end up losing money on the deal if it's not right for what you want to do. Just a few thoughts, hope it helps.