OK let me get flamed for this one, but if a turbo and ported 4 cylinder can make 500hp, there's no reason a "weak" 302 cant. And if you can get 1000hp out of a well built and forced induction 281 mod motor, there's no reason a 302 cant.
I do agree though that it's a lot easier and a lot quicker to get easy power from a 351W based stroker. And you can save the extra 100 pounds you get with aluminum heads and a tubular K member, which are 2 things that are good to get anyways. With those 2 mods you'll weight less than a stock 302 with stock K.