4.6 dohc is approx 650 pounds which is the nearly the same as a Big Block Chevy. You can save a few hundred pounds off the front end using a windsor. The 4.6 has more bling but any thing other than a ls motor with twins has a lot of bling.
In my opinion mod motors are worthless. They weigh as much as a big block and its hard (and expensive) to get a 4 valve motor. The problem with a 302 is the block will split at about 475 horsepower. Now if you are willing to go with an aftermarket block (like fords new boss block) you are in business. If you are looking to keep a stock block I would go with a 351, they can take 700 horsepower. The front oil pump problem can be resolved by using a latemodel rearsump oil pan. BTW a windsor will be a lot cheaper to build. If you really want to make some power look into AFR, Canfield, or RHS heads.