Bah! The easiest to make power in a 302 is "old school" style. Big ole honking cam, head work, and at least one carburetor! I have an 84-edition flat-tappet cammed 302 from a CFI application that I'm building for an 84 TBird oddly enough. We're entering it in the $2009 Grassroots Motorsports Challenge. It's getting close to a .600 lift cam, GT40 heads (not the "P" versions), long tube headers, probably an RPM Air-Gap over a single-plane though, a good 650+ cfm carb, and a good ole 250-shot of nitrous for the 1/4 mile. Flat-top 10:1 pistons are must.
302/5.0's can make good power on EFI and/or boost, but it's a LOT cheaper to do it the old-fashioned way.
So, what are the specifics on said engine, what is currently wrong with it, what are your power goals, and what kind of racing will it be doing?