One note here....the regular 302 blocks are not aluminum but theres one:
5.0L/302 ENGINE BLOCK (Aluminum)
Part # M-6010-c302*
Lightweight 356-T6 aluminum alloy competition race block
4-bolt main caps (all 5 main bearings)
I dont know about the cost..or weight, but it will sure be expensive
And weight, well, theres block weight and full assembled engine weight...could it be less even if using all alum parts??
The adapter could be redesigned 5.0 bellhousing or maybe just a plate that sticks betweent the stock 240 bell and the 302 (my bet)