I'm guessing that your buddies 75 T/A is stock, cuz after all, who would build an ugly ass car like that? Build the 302. There's more parts available, they are cheaper to build, and are capable of making just as much power with the same build up. I'd personally build a 351W. With the exact same build up, a 351W made more power and torque than a 351C in a hot rod magazine test.
I had a 351W that was .040 over with flat top pistons, '69 ported heads with stock valves, a shitty blue racer cam, torker 2 intake, 600 edelbrock carb and headman headers in a 75 mustang ll. I never got it to the track, but I chased a couple of mid 12 second cars who were running each other and I almost drove up their asses and had to let off a bit.
A stock 69-71 351W (which you should be able to buy after selling the glass crank cleveland) with a set of headers, but otherwise stock should outrun your buddies T/A easily. Throw on a dual plane air gap intake and a 600 edelbrock carb with a comp cams 270H and you'll be smoking everyone. And get some gears, for christ's sake.
