bore engine 30 over, get new pistons and rings, add Trick Flow top end kit/cam...hp would be 300-350
Otherwise, look for complete stroker engine on Ebay or other classified site...you can score some real deals in that price range on a complete engine someone is dumping
With only $5k I wouldnt try to build a stroker. Get the 302 into a 306 with some extra relief pistons. Then get a set of TFS 170 heads with a custom grind cam amd a Holley systemax II intake and call it a day. Use the rest of the money to plant the 350 horses to the ground. You will need many unforseen things. Like better tires, 31 spline axles, c clip elim's, 31 spline differential (Auburn E) upper and lower control arms (MM or UPR), subframe connectors (UPR), bigger fuel pump (Walbro 255), bigger injectors (24#), bigger MAF (75mm PMAS), bigger throttle body (professional products 70mm), adj shocks (Strange 10 way), battery relocate kit (Jegs), custom tune, one of my chrome moly bumpers :gringreen, etc. And if this is going to be a NA motor then I would consider shaving the heads to bump the compression.
IF I had to do it again, I would have gone with a 408. I still would have Woody (see thread: something for you to look at) build it. They do awesome job. If you want to build it your self, look at the DIY kit. Also he can supply TFS Heads set up to fit your motor and get a custom cam for application. It is worth look IMO.
A forum community dedicated to Ford Mustang owners and enthusiasts. Come join the discussion about performance, builds, modifications, reviews, engine swaps, classifieds, troubleshooting, maintenance, and more!