DRG84 nailed it on the "breathing" issue. And Dennis is right-on too. I have heard of 100K mile 302's with little or no ridge on the cylinder walls...I myself would have them checked just to make sure. The overall build can be of many ways- it just depends on what you want to do.

This is of course only my opinion, but I would not even consider rebuilding an engine without checking the block, crank, heads, etc. Budget for going .030" over on the sleeves, and .010" under on the crank (rods and mains). If you find everything within spec, spend the cash on something else.

I believe a chain is only as strong as its weakest link, so I myself try to focus on the block, rods, crank, and pistons. Also, while there, drop the $30 for a new oil pump. Although some people say high volume pumps "starve" the lower end at high RPM's, I have never had a problem, and have ran only 5 qt. oil pans. To me, the added pressure showing on the oil pressure guage is good insurance. A new timing chain is also a must...to me anyway. Keep in mind that this is only my opinion, but you will not regret it.

Although easier on an engine stand, intake, heads, cam, and headers can be installed with the engine in the car. The important thing is matching the components for what you expect of the engine. This might also be my opinion, but I think the one thing that requires attention on Ford SB's is the heads. Start with the block and heads, and build everything else around it. You will have a strong running 302 that will run for a long time.

Good luck, and I too would like to see some pics of the Ranchero.

Greg