Not Ranked
One of the major decision points hasn't been mentioned. I am frugal/cheep so the thought of a 4k+ aftermarket block gives me some concern. That said if using a production block based Windsor you need to keep in mind the breakability of the final product. It is well documented that the 302/5.0 has a couple of major strength problems. Thin deck, when you hear of someone who is making some power blowing the head gasket generaly it is because the deck is so thin that it moved around. A patch is to O ring the block but it is just that a patch. The more serious involves the block splitting in two down the middle sometimes even at "stock" power levels. at 350+ it generaly isn't if but when. The 351 Windsor, they are both the same basic design, has thicker decks and more metal in the bearing webs and generaly dont have those problems. To me what I'm doing for a 1600 lb Lotis 7 which by design is basicly a Cobra light weight works and is reasonable. I'm using a 96 F250 roller block (125 for long block) which will have a forged 3.85 crank (500?) stock 351 truck rods forged 302 pistons (400?) aluminum heads which will probably be somewhat cost driven Crane cam using factory roller lifter pieces and Crane Cobra rockers with an EFI. I expect nominaly 450 Hp but should be better and should be very reliable. I expect the car to give new meaning to the term traction limited even with 315s and generaly not be able to use more than a quarter throttle. I don't expect to have as much in the whole car as what has been mentioned in this thread. Bottom line unless required by a racing class restriction I would never use a 5.0 though my primary DD for the last few years is a 93 Cobra when it dies it gets a 351.
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