OhBuoy,
I have a 351W in my car but I think the bypass hose is similar to the 302. You need to buy a bypass hose made for your motor. Most any auto parts store should have them. They are pre-molded to the proper bend so they don't crimp. For my radiator upper and lower, hoses I custom made them with the help of a local muffler shop and had them ceramic coated. Check out
http://pages.sbcglobal.net/tdockstett/page7.html for details.
BTW, although I have no personal experience with Coolflex, I have read here on CC that Coolflex can have a tendency to slightly change shape as the temperature changes. Provided that there are no tight clearance issues with any moving parts, this shouldn't be an issue.
Okiesnake