What I would encourage is a stroker.
Since you have 302 pistons in hand...... bore the 351 block to 0.030" over use those pistons (I assume they are forged...if not...sell them and get a complete 408w kit)...if they are forged.....buy a 393 nodular iron crank from CHP or Speed-O-Motive for instance, get ARP rod bolts installed in your 74 351w rods...need them resized as well....MAKE SURE YOUR MACHINE SHOP gives you large bearing clearances!!!!!! 351w have large bearing surface...run the clearances on the BIG side...at least one thou per inch of journal! I ruined a brand new 351w due to this fact.
Get the whole assembly balanced as well. I run the Mellings high volume RACE oil pump and a 7 quart milodon oil pan as well....I DO NOT want any oil starvation issues.
As far as a cam.....AFR website has a bunch of test engine articles on their site...I know they had a 393/403 with 185's....I would look at that to see what hp they got and what cam they ran...I think it was a comp XR series???
the pistons i sold him are cast pistons, and will do him well for up to about 500hp, or if he decides to run nitrous or a supercharger.
i do also agree with balancing the rotating assembly though, it will pay dividends in how smoothly the engine runs when finally put together.
and dont forget 66stang351w is seventeen, so he needs to be a bit conservative in how he builds this motor. when he gets some driving experience under his belt, then we can help him build 500+hp from this motor. we do want to keep him around for a while.