The water pump spins clockwise on V-belt 302's, and COUNTER-clockwise on the serpentine belt 302's. If you try to run the fan backwards, it won't pull any air (or it will PUSH instead of PULL air) and you'll overheat in short order. Take a look at the direction of the blades on a stock plastic Mustang fan and you'll see the difference between that and, say, an old 60's or 70's Mustang fan.
Flex fans suck, BTW. Makes the car sound like a giant Hoover vacuum cleaner, and they're prone to flying apart and causing damage with debris at high RPM's. FWIW, Frankenstang and I have TWO flex fans with spacers laying around in the spare room that we'd be more than happy to get rid of for next to nothing. We pulled one off her Capri and one off my '84, both are serpentine belt cars.