sounds like a great adventure and for that price, you're already ahead of the game.
the concern I'd have is you said at the beginning you bought this rig for towing. if you plan on towing anything of any real size, you might not be as happy with the 302.
I recently sold my '90 Custom 5.0 w/275 HP and picked up a '95 XLT 5.8. Both have 4.56 gears and they made a huge difference, but in the end... I just wasn't happy towing with the 302 and I ended up doing it... a lot. It'll do it... but not as happily.
Many will say that the Bronco's wheelbase doesn't make it the ideal towing rig. That's very true... but I've still found them adequate when the job needs done, with some proper preparation and conscious weight loading. Owning a Bronco and having a trailer to haul stuff around is almost required, for me anyway. I picked up that old golf cart, tilt trailer for $600 off craigslist. It's 4' x 11' and I've never wanted for lack of a pickup bed and I laugh at the thought when load up the low riding, tilt trailer. I'm also lucky enough to have a good neighbor with a really nice car/truck hauler, for those emergency or "hook a friend up" deals.