Don't try to build a 400rwhp n/a 302 for the street. While certainly doable this is not going to be a friendly street car.
If you really want to go that route, I would recommend 12+:1 compression (race gas only), AFR205s or TW205s with a big flowing intake (Systemax II, RPM II, Victor, TFS-R with port matching). Carb would probably be the best way to go, but I'm not a carb guy and couldn't really advise you on specifics there. Add to the list a monster custom cam that put peak power in the 6500 RPM range, it could be done with a hi-rev hydraulic roller like those made by Anderson Motorsports (google Marc Arnold's Cobra and look at his hi-comp 306). Now keep in mind that spinning the motor over 7k rpm is going to be problematic on a stock block and the main-caps will walk above around 7200 rpm with a girdle and everything. Going with an aftermarket block would be preferable, but I don't think you're looking to spend that kind of money considering you want to keep the stock displacement.
Anyway, if you really want a streetable 400rwhp out of a 302W, the most affordable way to do it is with a moderate h/c/i package and some type of forced induction (nitrous, blower, or turbo). If you want to keep it streetable and n/a, then stroke it out to a 347, and put a nice h/c/i package on it. Either way is a cookie cutter solution for you.