If you swap your steering rack to a fox steering rack (aluminium housing and sport ratio) you will have enough clearance from my experience with a "normal" 302 front sump pan. If it's still to close you can shim the engine mount just slightly.
Why do i know, i put a 5.0 HO in my car when it had the original steering and build own engine mounts. afterwarts i swaped to the fox steering and now i have a lot of space...