The 350 Rear Wheel HP on $2000 will only be possible if you find someone desperate to unload his stash of parts like
aluminum heads, intake, stroker kit, etc.
Or someone who will sell you a centrifugal supercharger kit. Without pressurized
induction or NO2, you won't make 350 RWHP with a 302 and still be able to comfortably drive it on the street.
New aluminum heads with all the springs, rockers, gaskets, push rods, bolts, etc - new price is $1200-$1600
New intake manifold - $350-$450
New throttle body - $175-$250
New MAF $175=$250
New cam and lifters $250
New transmission - the T5 will be toast in about 2 weeks after soaking up 350 RWHP in aggressive driving. Plan on spending
$1000 for an upgrade T5 gear set or $2000 for a Tremec TKO 500 transmission.
Rear end gears 3.55 or 3.73 gears will cost $200 plus another $150-$250 to install them.
Plan on another $500 to stiffen up the suspension and some brake improvements.
if you convert to carb, you will not pass emissions testing. In some states you cannot
sell the car and title it for street usage if you remove the emissions equipment. If there
is no emissions testing in your state, this is not a problem.
Here's a book that will get you started with how the Ford electronic engine control
or "computer" works.
Ford Fuel Injection & Electronic Engine Control 1988-1993 by Charles Probst
:ISBN 0-8376-0301-3.
It's about $25-$35 from Borders.com see http://www.amazon.com/ .
Select b...ry good,
and I found it to be very helpful.