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It depends on how radical the cam is. If it is mild then the stock valve train is probably ok. You can check the cam specs and get the recomended spring pressures. If they are higher than stock specs you have to change springs and add screw in studs to the heads. I would plan on new lifters and timing chain set either way.
Just to change the cam you pull the distributor, intake, lifters, water pump, fuel pump and front cover. If you remove the radiator you should have plenty of clearance to slide the cam out. Get a Chiltons or book on SB Fords to read up before you do the job. Petersons had a good SB Ford book at one time by Tom somebody.
first, get a bucket and open the petcock on the bottom of your radiator. also remove the cap from the top. wait a while and make sure ALL the fluid drains. then crank the motor for a few seconds and get the rest out. make sure to bring it to TDC.
remove carb, distributor, valve covers, and intake manifold. now loosen the valve rails and remove the pushrods. then remove the lifters.
now take your radiator off. its quick and will save you alot of headaches.
remove harmonic balancer. the nut is probably on there good and wont want to come off, so use an impact gun and spray liquid wrench on it. the balancer also will not want to come off, but for this you need to use a steering wheel puller or a harmonic balancer puller designed specifically for this. now take off the water pump, timing cover, alternator, and power steering pump. now is a good time to inspect your timing chain and gears and possibly replace them now since you have everything apart and get it out of the way now. dont lose the little key from the crankshaft, that sucker fell in the grass and i couldnt find it. take notes how everything goes. you will forget which way the splash dish faces and the little c shaped thing on the cam, among other things. now pull the cam straight out, steady and smooth, put the new one in the same way. line the timing gears and chain back up the way they need to be, this is valve timing and extremely important. if you have a hard time getting the distributor back in look inside there and you'll see the oil pump drive, grab a long nutdriver and turn it ccw a little so you can get it to line up with the socket on the bottom of the distributor and then it will pop right in. dont overthing anything and use caution getting the gaskets nicely lined up.
If the cam bearings are not damaged, it is not necessary to replace them.
You can get a good idea of what the bearings look like by inspecting the cam journals.
Also, the front most bearing will be visible for inspection once the cam is removed. This receives a lot of stress from the chain tension, and is a good wear indicator.
It came with the lifters so I'm good there. Unfortunately I discovered today that in my case bearings will be needed, went to install it and looked and one of my bearings is busted. Must have not been too bad tho since it didnt score the old cam or anything but now it is hanging down a bit so I gotta replace it. Anyone have experience doing this on a 302? maybe you can provide me with some helpful advice.