Just a word to the wary, the 302 will eventually eat the M5OD, light duty transmission. I learned the hard way by putting in a replacement 2nd gear to a Borg Warner "non world class" in my T5 and the torque seperated the gear into 6 different pieces. You need a tranny that will handle up to atleast 300 ft lbs of torque like the T5 or an equivalent auto transmission, Unless you limit the 302 to 3/4 throttle. There is many bellhousings available out there for this. The stickshift will need to be moved no more than 3 inches back.
Don't know if the tranny used by the 4.0 rangers might be strong enough, might be something to get some info on.