You can't really go wrong with either one. Depends on what you are looking for. If you plan doing a lot of towing or hauling then the larger cubic inch of the 351 may be preferred. If you are looking for a power cruiser with fuel mileage being a concern then probably the 302. If you will run a lot of power accessories (AC, steering, etc) then the shorter deck height of the 302 would make installation easier. If you want an easier exhaust installation, then the 302. If down the road you might consider really building up a small block, the 351W blocks can generally tolerate up to 700 hp compared to 550 hp for the 302 blocks. If cost is the driving force, probably which ever one you find a better deal on. Decisions, decisions.
Do keep in mind quite a few of the older Ford V8s (i.e. 70s) had some pretty low power ratings so don't be surprised if a cam and intake are needed to wake them up.
As for fi or carb, I personally say carb because it is so much simpler and a well tuned carb runs nearly as crisp as fi. Again though, if fuel economy is of concern fuel injection offers much better metering of fuel at part throttle conditions. If you will be doing a lot of driving be careful not to over carb. A 600 cfm for a 302 and 650 cfm for a 351 (maximum). If racing, a different story. If fi, a late model 302 would probably be the least expensive choice.