I mostly agree with Vector1, but you might want to check the valves to see if they have any carbon build up that would stop them from seating properly. Also do you know or have any way of finding out what kind of
oil was used in the engine before you got it? In y humble opinion, taking the heads off and doing a good cleaning job on the would not hurt. Look at the piston tops and see if they show any signs of carbon build up. Good luck on the motor as the 302 is a great engine.
Ron