No, it won't fit the stock hood. When ford built the 95 Cobra R with the 351 they had to use a hood with more clearance. The strut tower brace is a no go either. You will have to find an aftemarket piece.
It can be made to fit with a custom K-Member and the right intake. Or possibly with just drop mounts and a short intake, but Im not 100% sure about that.
my 94 GT project car 408 fits under the stock hood just fine... QA1 K-member setback 1 inch, 3/4 Drop Mounts, running Performer RPM upper and lower intake. So yes it can be done.. But that is probly the biggest intake you could run. The 94 GT Project Car is going to be a replica S351, And the S351 came with the stock hood.
I was going to say this yesterday but felt nice... I just don't know why people say no if they haven't tried it... I mean Saleen did it. Why not just do what they did. Wonders of the internet. One person says no to something alot of people will just take the word of the other person.
If you want to be making some serious power, go with at least a 351, or an aftermarket block. I have 2 friends that have already gone through 302 blocks. the most reacent one made 551 rear wheel, and it lasted him about 4000 miles of hard driving.