The car will run acceptably well with a standard rebuild.
If money is no object, and you want to mess with it a bit...
Have the cylinder heads done by someone who really knows what they are
doing. There is a ton of power in that 1/4 inch area around the valve seats.
The idea is to get air flowing at low valve lifts thus making the engine
more efficient. Multi angles, making sure the contact area of the seat is on
the top part of the valve, paying strict attention to seat width will pay
big dividends.
The second area that will unlock power is in the exhaust ports. That engine
should have heads with thermactor ports in the exhaust. Have someone cut
them out. Exhaust flow will be greatly improved. I asked a noted engine
builder about the small block Ford heads, he told me they flow so little
that almost anything you do is an improvement. The cost of having all of
that done you could probably just buy a set of the new GT-40 heads.
Does your machine shop use an automated honing machine? You want to use moly
rings and have the cylinder walls finished using the appropriate stones.
Using deck plates will also be beneficial.
Have the engine dynamically balanced.
Use a Ford duraspark distributor, have the advance re-curved for the
camshaft you are using. Use an MSD 6A.
You can use an aftermarket intake manifold and carb, or use one of the
aftermarket fuel injection systems.
If you want to see some serious RPM of the engine, you might also want to
consider using a set of Chevrolet connecting rods. The rods in the 302 are
the same length as the ones in the 289. With the increased stroke, the rod
length to stroke ratio is a little off, the rods really need to be
longer.Chevrolet rods work great after the Ford crank is turned down and
custom pistons are purchased.

OR you could just have your machine shop rebuild the engine to stock specs.
Having it balanced is a good idea. A good current grind camshaft will add
power without hurting fuel economy. If  the shop doing the work is doing a
good job, they will inspect everything that goes back in and advise you of
anything that needs to be replaced.
Drive the car and have fun.
Good Luck
Bill
1965 GT-350 Shelby
Former NHRA Super Stock National Record Holder

Enlightened, I shall be!

That's dead average on both counts.

And what does "precision" mean, exactly?

What decade are you stuck in with that first question?  And just
throwing Edelbrock in with Holley and three more question marks?  IDIOT!

Oh, really?  You mean that worn-out dizzy won't do the same as a new one
without the hindrance of old breaker points?

Any fool knows this.  I've never heard ANYONE say, "oh, leave the slop
on the gaskets; it helps".

Another exercise in obvious bullshit.  Really, no kidding, what purpose
do they serve?  Think about what you're saying, it's all been said 1000
times in this NG alone in the past 8-10 years I've lurked and posted.
Yes, January 1996, in fact, before the golden years, and then after.  I
missed them.  You see, I was getting my Master's degree and screwing my
brains out.

Stock is good?  Weak is the driveshaft?  No sh.t?  Man, it's epiphany
after ephiphany with this guy.  10 psi per 1000 rpm, did you know that
old-a.s rule of thumb?

Any competent shop will ask you about all of the above.  Your shop must
be staffed by half-witted sh.t stains.

Yada yada my knowledge comes from Google and books.

SUCK IT, TREBEK