If you are stuck with E7 or the gt40p heads, you might a well stick with the 302. A good cylinder head is everything on a 302/351. My old 88 GT went 12.0@114 on the motor, and 10.9@128 with 8 psi. TFS heads by Modern Cylinder Head, E cam, TFS intake.
Damn you, you make me miss my Mustangs!