The block will work fine. The only major difference is that it is not a roller cam block and you will have to retrofit it for the roller lifters if you plan on using a roller cam. If you plan on using a flat tappet cam then you won't have to do anything with it.
There are really no sensors that go into the block itself so you should be good to go there. The sensors are mostly in the intake manifold, oil pan and such. The oil pressure sensor might be the only sensor that is in the block but it has been the same on 302s for years so your good there too.