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That is pushing the limit of the stock block. Plenty of people are running 450+ to the wheels on a stock block but not cheaply. Any route you take to get that much power you will need to factor a dyno tune into your budget. When you factor in supporting mods, bigger fuel pump, injectors, regulator, clutch, and when the T5 thats rated at 300lbs of torque fails from double the amount its rated at you will have to invest in an upgraded trans. I dont mean to discourage you i just dont see if happening with less than 10k. A good set of heads alone will run in the $1500 range and add another 1500-2000 for a decent turbo kit. If i had to pick a route id say 351 swap. More cubes equals more power and the 351 blocks are stronger than the factory 302s.
 

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Then i think you will be just fine any route you go. A 306 with a good h/c/i setup will put your over the 300rwhp level. Then with a well tuned turbo or supercharger setup will push you past 400. But if you decide to stay with the 302 block i would stroke it out to a 331 and you will hit 400+ a little easier. DSS racing sells great stroker kits for good prices.
 
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