If it was like my 302 ('78 packing 134 hp at 3400 RPM and 250 lb-ft at 1600) then you would be right... but I think a built up 1970 (pre smog) 302 will give a OHV 4.0 the thrashing of its life, and I wouldn't doubt the OHC wouldn't follow suit. With the small 1250 2bbl carb (the same size that is on my 2.8) and 8.4:1 compression the engine I have is somwhere between a 2.9 and 4.0as it sits now, it wouldn't take much to put me over the top... Jim's heads, cam and 4bbl would easily do it.
The strength difference between the 1350 and 1354 isn't a huge difference, and many 1350's live a long time behind a V-8. The big difference is the front output.