with 40s i suspect the 435 will be fine. but since you are shopping regardless...its a tough call on selection.
with the 302 in a 40 inch tire, "wheelin" application....this is not so easy to call. with 513 gears and a doubler you are way out ahead for trail....and livable for hiway. cam selection will be the biggect factor once you figure out your actual cruise rpm and primary cruise conditions in regards to weight and how high your gear is piled for wind resistance........hill and dale of flatish hiway? .... 40 inch tires with a stockish 302....overdrive is something not needed really. my goal was hiway work with 35s and 1800 cruise rpm....not for fuel economy...just wear and tear. cam selection made cruise differences for sure...but there was no real good all around outside of the he unit....
there are more options these days..
in my experience, i would prefer to run the 6r80 before the 4r70. i have run the 4r70/aod with a 302 and 38-44 inch tires with 456 and 410 gears. worked for sure...but in all of the years running that combination i always wished for a better first and intermediates to overdrive. the 6r80 did not exist when i was running that combo but i was looking at the 5s before i went to the diesel. specifically for the 1st gear. wheeling i find the auto far better than a manual in areas like the rubicon, moab, and hollister... but i like the manuals better for downhills regardless. i have both, and they suit the applications....the ranger has a 4l80 and the bronco an r1. for the road the auto is much better. wheelin...the manual is funner.
my diesel is about like a 4.0 in feel...which the 4.0 easily exceeds the crown vic 5.0s in regards to usable power off road. a well built 5.0 otoh is a different level...i ran between 280-330 crank hp versions. running an engine like that back to back up against even an ho gt or a stock explorer 5.0 engine...you would want to throw a stock headed 5.0 anything in a dumpster. adequate over a v6 is about it. if you can deal with the heat. of course you have already established your 5.0 experience.
obviously the 4r70 has a shit first gear comparatively to the 6r80... since you already have it, it is far out ahead as the cheapest option of anything at this point.
figuring streetable 40's measure between 38.5-39.25 actual...and realistic cruise load and conditions....it will work fine...
and the 435/t18/19 i suspect will be fine as well but your gearing with the doubler ....all of that drag on the 302....is asking alot out of a 302. 351 or 5.3 or stroker 351....maybe a small turbo 300 six... would be more efficient in torque availability.