This is some what a vast subject, i'd recommend a search. But on the specifics you asked about, that's a big old no on the waterpump and timing chain, but the accessories up front like the alternator/power steering can be used, but you'll need a different bracket for them that's specific to a 351W. The tranny will bolt right up also. You will however, need new headers, new intake (only the lower if you're EFI), you can use 302 heads but it would be a waste of time unless you've got some nice aluminum units. Also depending on whether or not you're EFI or not, you'll need a cowl hood because it's going to be too tall to fit under your hood without a lot of other things, like a lowered tubular K member, solid motor mounts, and the shortest height EFI intake you can find. If you're going carbed it's much easier, but if you plan to run a Victor or Victor Jr. intake with or without a carb spacer, and a taller style air filter, you'll need the cowl.
BTW i believe the bell housing is different for a 351W, but dont quote me on this one.