The only rotary engine worth thinking about swapping into any vehicle is the 13b-rew out of the 3rd generation RX-7 (FD). stock it has about 250-260hp in us trim depending on transmission. The non turbo and single turbo 13b's out of second gen (FC) RX-7's are anemic, turbo's only making 190-200hp and non turbo's only making 140-160hp.
The 13b-rew is a 1.3 liter twin sequential turbo rotary(effectively a 2.6 liter twin turbo 4/6 cylinder for comparrison purpouses). It's turbo switchover components are very complex (read: vacuum lines, vacuum lines, and more vacuum lines) and for simplicities sake you'd want to mod it to be non-sequential or just run an aftermarket single turbo setup. Rotaries have sever reliability problems, especially turbo rotaries. The typical 13b-rew see's about 60,000 miles before it's ready for a rebuild on average. They are extremely sensitive to heat and a:f ratio's. If the engine gets too hot the housings can warp and separate, which blows out the water jackets leading to coolant leaking into the combustion chamber (much like a blown head gasket on a piston engine), this requires a rebuild. If the engine runs too lean, gets a bad tank of gas, or if its a particularly hot day and your charge air temps are too high, you can see detonation. Detonation on a rotary is almost a sure fire way to blow apex seals. Blow apex seals mean your combustion chambers are no longer effectively separated. The blown seals (made of cast iron) are known to scar up the housing and blow out the exhaust port and fly through the turbo(s) when they blow. In this case you need a rebuild, new housing(s), and new turbo(s).
In fact, a stock 13b-rew needs about $2-3000 in "reliability mods" to be considered reliable in comparison with modern piston engines. It is simply a fragile motor and a fragile design.
In regards to its weight, a 13b-rew (with turbo components and tranny) weighs 547lbs. For comparison purposes, an LS1 with T-56 6 speed weighs 572lbs. Just 25lbs more, and that's a 5.7 liter 325-350hp V8 that is extremely reliable, and makes more torque than a rotary could dream of. Even more interesting is that the LS2 (400hp 6.0 liter V8) weighs about 20-30lbs less than the LS1 and the LS3 and LS7 (6.3, 425hp and 7.0, 505hp) engines weigh 30-40lbs less than the LS1. As you can see there is no real weight advantage to a rotary when compared to modern aluminum V8's, and the rotary is outclasses in power, torque, and reliability in every way.
The non-turbo rotaries are quite a bit lighter and more reliable, but aren't nearly as powerful and have very little potential. You're looking at a shade over 200hp with a pretty highly modified street motor. And for the money and time invested you'd be better off with an LS swap anyway, weight penalty or not.
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also with a 302 will that bolt up to the stock tranny with an adapter plate and will that trans be able to handle the power?
