Nope - old cast iron lump:
http://www.bacomatic.org/%7Edw/txt/engfyi.htm
I'm thinking the 302 with alum. intake (carb or efi) would be 50-60 lbs heavier than the 1uz-fe. Not a lot in the scheme of things. With aluminum heads even less, maybe 20 lbs heavier. The DOHC bits add a lot of weight - see northstar vs 4.9 cad v8 - and the 4.9 has iron heads...
I agree that a 1uz-fe swap would be much better if time/money is no object.
Around here (US) 302/5.0s are very very cheap and available. We just bought a 302 EFI 2wd pickup for $50 pulled the drivetrain and got $200 for the rest for scrap...
Just my opinion, I might be wrong...
Matt