While it is not the best choice for a 302 Ford based car/rod as it comes out of the donor vehicle
, it can be worked up to something very nice with a few bucks and some time. As far as turning it into a carbed engine, not only will the intake need to be changed, the front timing cover, water pump, cam eccentric and drive pin plus add a mech fuel pump and possibly a different ignition system. An EFI will work as well - they began with the speed density in '86, tho a mass flow version is best and they began a couple years later.
Oh yeah, the AVATAR of mine - that engine began life as an EFI version and was converted to a carb.
The heads are no prizes, but will work as long as you don't expect high horsepower. They will need to be rebuilt if the donor car has 100K plus miles - they will usually have well worn valve guides plus puny springs. This is the time when you can replace them with some GT40P's from a Ford SUV and relatively inexpensively.
Now - why wait five years? Draw up your plan on what you want the rod to be and how you are going to get there with the base car, new parts as well as money (more $$ then you think