Not Ranked
Engines: kW = $$
Howdy Wanabe,
I'm no engine guru but a quick surf around and few phone calls and you'll probably conclude very quickly that changing to EFI relatively expensive in terms of bang for buck.
If you've got EFi then that's great but there are plenty of people out there making lots of HP with a carby. Better to focus on the flow of gasses than which delivery method. So Cams/Manifolds/Heads/Exhaust maybe then balancing etc when you conclude that you have to rebuild.
You can easily check out the power output available by rebuilding or stroking your 302 by clicking on - say - the Keith Craft ads that appear here. If you don't want to import there are several local engine builders - many associated with local cobra clubs - that can give you realistic budgets for mods/buildups.
Other members may be prepared to help you DIY.
The last point would be not to assume that you need to increase the power right away. I have spoken to several club members who have 'peaky' engines that they'd prefer were more streetable. Often the suggestion is to put a blower on a 5 litre and get both.
LoBelly
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