You would probably be better off with a Mustang II type front suspension since you have to change nearly everything anyway. The six cylinder suspension would hold up reasonably well with a relatively light modern V-8. A mid 70s and later 302 doesn't weigh much more than the six, unlike an early 260, which is 80-100 pounds more than the late 302. The ball joint sleeves were needed because there was a change in the taper of most ball joints in the mid 60s. I've run into that swapping 80s parts onto a 60s Rambler. It was across the board, everyone (in the US) changed the taper angle at about the same time -- probably because most used outside suppliers for ball joints. This Heidt's kit says 60-65 Falcon/64-65 Comet, so you need to check on the differences. Earlier Comet might be more in line with the early Fairlane instead of Falcon.
The alternative has been mentioned -- 250 six (deck height was raised 1/8" over 144/170/200, so it should fit easily) or a turbo four/supercharged V-6. Even a 3.0L V6 from a Ranger along with the four or five speed auto (or manual!) trans would be a big power upgrade. Heck, a 2.3L Duratec would be about a 40% power upgrade! I'm putting one in a 61 Rambler convertible for that reason -- more of a cruiser, not a drag car. I want the "jump in and drive" modern EFI more than anything else, the power upgrade (and weight reduction) is a big plus though.