Cheapest way to replace the old 302 in my 94Gt

Another option is a low mileage ford explorer motor and swap in your cam and some other parts. You usually can find on around $500 and they have nice GT40 heads and intakes. If you interested do a search on this of post here and I tell you more
 
How much can you do yourself, and how long can you have the car down?

For $2200 you should be able to do a pretty good rebuild of your existing motor. Unless the block is not rebuildable, which in most cases would mean you wouldn't be running it now, or you've already bored it to it's max tolerances, which I assume you'd also already know?

Otherwise, why not rebuild what you've got? IF you take your time, do some hardcore shopping, etc, you can do some performance improvement at the same time, for the same money, and you get the joy of building it yourself!
 
Yea really, i dont see you doing a good shortblock for that amount. Even if u did, you will get nickle and dime'd to death. Like the other guys have mentioned, do the explorer motor. If you search you will find plenty of posts about it. i did it myself. Got a 97ish with 70k on the clock for $550.

Use car-parts.com to find a local junk yard by you that has a motor (or any other part for that matter :nice:)