would this be beneficial in any way? I have a set of stock E7's on the shelf and am wondering if the swap would increase hp or would I just waiste my time and energy?
The best thing to do would be to port the E7s. They can be ported quite a bit and will give you a pretty significant gain in power if done right. I would have them milled though, the combustion chambers are rather large. Your compression ratio would go down with these heads on yours stock 302.
E7TE is spec'd at 61-63cc combustion chamber from the factory. Smooth out the intake and open up the exhaust, give it a valve job and it'll offer more performance than any 60's smallblock head, except the 289 Hi-Po head ....maybe.
the hi-po head flowed the same as any other 289 head. IMO, the E7TE's would only be worth it if they were ported. But, you could have the stockers ported and be just as good.