I didn't realize someone was actually attempting to do this; just thought it was a hypothetical discussion. I would highly discourage him from building this setup. Not good in the long run. At the very least, he needs to utilize 28oz flywheel/balancer setup and hope that is enough to adequately offset the different whirling things inside the motor.
93LX is correct by saying the article doesn't prohibit the use of 302 rods on a 5.0 engine (though I think he means 289 since the 302 and 5.0 are the same with the exception of the boss). You're saying the right thing but I don't think you're really grasping it. You correctly opined that the crank needs to be matched to the flywheel/balancer. However, you said the rods must be balanced to the crank. Sorta. Accuracy is in the details: the crank needs to be balanced to the rods and the pistons and the pins and a wee bit of oil.
That makes a big difference. Because now you add the 5 extra grams the longer rod weighs to the weight of the piston and the pin and move it outward .065". This is a difference of 36 g-in per cylinder (or 1.27 oz-in). You're looking at approximately 100 lbs of force trying to rip the lobes off the crank every cycle at around 6000rpm. Keep it at idle and you'll only see about 9 lbs, but 9 lbs of force 50 times a second is pretty rough on the parts. 100 lbs beating on the crank 200 times a second is even worse.
Tell your friend to take the time and money to do it correctly the first time through and he will save money in the long run.