If you can get all the v8 trinkets, ie, brackets, oil pan, ignition, throttle cable, mech fuel pump timing cover, etc, it is one way to go. The C4 and bellhousing are the same for a 302 and will work.
It is externally identical to the 79 5.0 engine in Mustangs. It will fit in the car and allow you to set everything up for a carbed v8. Most will have the old style York ac compressor set up, but the newer ones fit fine also.
I am not sure what balance it is, so I used the 255 damper and flexplate, it is the 164 tooth version and fit my C4's just fine.
I did it this way, with a rebuilt 1980 255 2v from an 80 Capri into my 82 Mustang. Shorty headers fit fine. With a 79 2v carb, it ran a strong 16.67 at 81 mph with 2.73 gears!
It is every bit as reliable and durable as a 302. In 1981 Car Craft and Car and Driver built cars with this engine!
However, it is not really worth a lot of money for performance upgrades, as others have said. Main issues are that smaller bores that may lead to valve/bore interference, and I think smaller intake ports than most 302 performance manifolds. Otherwise, intakes, etc, bolt up ok.
I still have that motor available and for sale also!