Do you know anybody in your local area that has a hotrod like what you are building? Or is there a local Mustang/Ford club near by? I would try and meet some guys that have built engines, and you can talk to them directly. Doing business in person can answer a lot of questions that you just won't think of online.
If you have a fresh .040 over block, then I would just think about H/C/I and leave it at that.
Again, if you just want a fun car to drive, that's easy. If you want to get into the hundred mile an hour club, that isn't so easy. When you start adding cubic camshaft, you have to add cubic rear end gears to go with it. A 4.11 gear in a three speed auto trans is great fun, for about a month. Then, you get tired of seeing/hearing the engine all day long in trffic, at 40 miles an hour, at 3K rpms....
If you are going to build an open track the car, then go all out, but if it's just a cruiser or weekend car, then keep it streetable enough that you can enjoy it.
Like I said, I have that cam in my 68, and it gets around fine with a 3.50 gear, but I believe it would be happier with a 3.70 gear in the rear. An overdrive transmission is an absolute must if you are going to drive any distance in a classic with a built engine.
So I guess the short answer to your original question is yes, I like that kit. You will have to measure for correct pushrod length, and spend some decent money on some roller rocker arms. Also, plan on at least a 3.50 gear rear end, if not taller, like a 3.73. Get some good headers, and plan om 2 1/2 inch exhaust. If anybody tells you anything like "you need the back pressure" immediately tune them out. A full MSD ignition is nice, but not necessary. An MSD 6A or 6AL is fine, but I would stick with a Ford duraspark distributor and Ford wires. 650 Holley, with vacuum secondaries for an auto trans, or mechanical for a manual transmission.
Drive that around town for a year, and if you aren't happy, rather than mess with a 302 block, pony up to a 351W with a 393 kit.
Free advice, worth what it cost.....