Go through the car and make sure everything is up to spec, no rust, holes, dings........this is priority #1.
Personally I would upgrade the suspension, put a roll cage in, get the subframe connectors. Set of good rims, and good tires, gears in the rear end, T45 cobra tranny, aluminum drive shaft. This will make a good stiff starting point (fox body's have a tendence to twist if to mush power is supplied)
This set-up will give you a good street car, and excellent starting point.........if you have money left over, then re-build the 302, or build it. Then I would suggest a cam, intake, head work, exhaust.................
Just my 2 cents
Duro