150hp is going to be hard to pull off with that kinda money, but we'll get you everything we can. gt-40 heads are only going to get you maybe 25-35hp, i wouldn't use those or waste money porting stock heads. you need to look for a good used set of aluminum heads. what are your plans for the truck, daily driver, weekend cruiser, mud/off road, etc?

 

more of a daily driver. but a fun daily driver. even if i can get 300-350 horses. i'd be happy.

 

another thing, i wouldnt be wasting any money porting my heads, cuz i'm rebuilding it in my power mechanics class, got all the tools and stuff there. even a hot wash machine. so no money involved. just time.

 

any tips?

 

If you bore the engine you can also Stroke it. they make some decent kits for this engine. hell you can buy almost anything for it. but for the most part the more horse power you want you are going to have to scratch Fuel injector and go with a nice 4 barrel Carburetor. nice Edlebrock intake and performance Rpm heads... but them your looking at even more money. Vortech makes a supercharger for the 302 F150 in your model year for around 5,000 that makes around 400 hp. but that is more then your budget.

 

i dont wanna get rid of the fuel injection, i'll need that for the cold winters here. im not lookin to super charge it its gonna be a daily driver. ive thought about stroking it.

 

yeah i would definitely keep the fuel injection, but you have a 93 so you have speed density, thats bad. You need to find a junk yard and get the mass air setup from a 94-95 5.0 truck. (ecm, wiring, distributor, icm, intake tube, maf, air box)
as far as your heads, not only do you have to have the porting equipment but do you have a 100ml burette, lithium grease, plexi for you chamber, intake and exhaust? and i'm just going to be strait with you here, not only do you have to have all the stuff, you have to know what your doing, what to take out, what to leave, its not just about making the port bigger its how it flows. Also you will end up with money in the heads because if you succesfully port them, than your gonna want bigger, higher flowing valves and heavier springs. i'm willing to bet you'd have 40-60 hrs porting a set of iron heads. with all that said, the 302 is such a popular engine and they make so many options for cylinder heads that already have bigger valves and heavier springs, not to mention flow a ton better and also are lighter. then all you would have to do is bolt them down.
As far as pistons go, since you have no desire to boost the engine, i'd go with at least 10-10.5:1 pistons (if you don't mind using 93 octane) that will pick you up some good horsepower there. I think a stroker kit would be good but i don't think you could buy, machine, and balance everything for less than $2,000 so that would be the only thing you would be able to do. But in my opinion, increasing the displacement if great, but if your not increasing the airflow as well, its not really going to be able to use the extra cubes effectively. I'd use the stock crank, have your rods shot peened and use those as well. Hypereutectic pistons are a high silicon based alloy that are inbetween a stock cast piston and a forged piston. If you were going to add some boost i'd tell you to go forged but for the money and for a naturally asperated engine, i think will be fine with the hypereutectic's.
i do agree with long tube headers and dual exhaust, that will help with your low end torque, and with cam and 10:1 compression, it will sound incredible. I have a used set of headers, that i had tumbled and then i recoated (so that there like new) that i'm looking to sell. theres a picture of them in "my pictures" or gallery
As far as the cam, i recommend a b303 from ford racing, its a pretty good piece all the way around. definitely top off the heads with ford racing 1.6 rockers as well. I also have a stock intake thats been mildly modded, i ported the t.b. opening to the twin 61mm, for the twin 61mm bbk t.b., i also had the bottom of the intake welded in the corners so i could straiten out the 4 corner runners, the middle ones are good. let me know if your interested. any more questions, shoot!

 

yeah thanks long post but good! as for all of this, im 16 years old, rebuilding my first engine but im doing it in my shop class, so my teacher will be able to help me with this too. ive been lookin around summit racing already, for parts and prices. ive gone through alot of it. priced myself out for parts at about 2000. with all the necessarys on it. i found some ford racing shorty headers on summit. whats the difference in torque and horsepower from shorty to long tube?

 

honestly shorties aren't worth the money, i'm not saying this because i have long tubes to sell, there just not that much better than an exhaust manifold, think about it there the same dimensions, just with tubes. long tubes give you alot more low end torque, which is what trucks need most and what you will feel the most.
I see you "spent" the $2,000 already, doesn't take long does it? just don't forget about the machine work.

 

yeah spending money is way too easy:P i never added in the machine work yet. gonna call up millar racing engines from around here. they have a very good reputation, so i'm for sure going with them.