VIN swap isn't legal. Frame VINs are hard to see, as there is only one and it's above the passenger side frame. If you swapped to Ford F-250 shock towers, you've probably already welded over half of it. The biggest issue is going to get it certified. I've had a few VINs certified by a lien agent, which is worth the weight in gold compared to going to the DMV. Again, I wasn't breaking the law, I had to get the VIN certified on a few vehicles that hadn't been registered in over 5 years. The DMV can take hours to do.
I've dropped a 5.0L Mustang engine in my Toyota and gotten it past the referee. It's not that bad to do provided you take your time. Make sure to get everything out of the Mustang (including the evap canister, and air purge vacuum canister inside of the fenderwell). Don't forget the factory H-pipe. You will have to modify it a little, but your exhaust has to follow a similar route of the Mustang (which is cool because it means you get dual exhaust).
Frankly I think this is the best option. The Bronco has more than enough room under the hood, and the stock Mustang stuff isn't too tough to wire.
1977 302s had a BHP rating of 140, so I don't think I would be spending any money trying to make that turd faster. Given what it costs to track down stock parts for one of those things, and how many 5.0 engines are around, I would go with the 5.0. My opinion is biased as I can't leave things alone, and stock annoys me.
Here's a 5.0 swap that I did on my Toyota if you are interested:
http://www.pirate4x4.com/forum/showthread.php?t=957748