Okay, I punched some numbers. Someone speak up if I'm missing something.
I'm pretty sure the deck height of a 302 is 8.2 inches.
a 302 crank has a throw of 1.5 inches. Stock 5.090" rod length, and 1.6" compression height pistons. All that adds up to 8.19 inches. Subtract that from the 8.2 deck height and that gives me 0.01" deck clearance.