You can do it, but to get the most out of your motor, you really need to get a chip or an EEC reprogrammer like a TwEECer. I personnally bought a TwEECer, but I have heard a lot of good things about chips from
Johnson Motorsports.
DON'T USE THE STOCK MUSTANG UPPER MANIFOLD!!!! That manifold restricts a 302. It would absolutely choke a 427. You didn't say if your engine is going in a Cobra, but if it is, you're really limited on intakes because of hood clearence issues. The Edelbrock intake will no way no how fit under the hood. The GT40 is pretty tall too and is the worst flowing of the 351W intakes. I have a Trick Flow 351W intake and still had to do quite a few mods (lowered the engine, raised the body, and used a wider than stock hood scoop) to get it to fit.
Another intake option is a box intake. A box intake would be easier to fit under the hood, but will sacrifice a lot of low end torque. The box intakes are really meant for high rpm power. Comp Cams and Trick Flow sell box intakes, along with several places that make custom (read big $$$$) intakes.
On my 408W, I'm running a 75mm Pro-M MAF, a 75mm Accufab TB, 36lb injectors, Vortec fuel rails, and a 255lb/hr fuel pump (check out my website for all the details).
Pete