200 HP (flywheel) is a nice realistic goal for a 302. That will make a nice running engine that is still lightly stressed to live a good life.
Cam is a good choice. But I have a few questions?
Do you have emissions restrictions? If not do you forsee any coming? A lot of nice vehicles have been reduced to little more then trialer queens and lawn ornimates because someone stripped smog equipment off.
Are you doing a complete rebuild on the engine or just a cam swap?
Any head work planned or just keeping the originals?
The stock 2-barrel is a good cheap carb, but not really a performance piece. A nice aluminium intake (performer a good choice) and 4-barrel carb is a good choice. I have had good results with a 600 CFM Holley right out of the box on a stock 302 but that is as large as I would go. I would also be looking at a nicely set up Quadrajet now that I know a little more and have seen them run.
Something not mentioned, the distributer. Probably should consider something with a more performance orianted curve to it. The stock Duraspark setup is a good way to go. But the advance curve in it isn't that optimal. Properly curved Duraspark is a good way to go.