the 72 302 has about 3-5 k on itrebuilt, with a rv cam. I think 5k is brake in period rite?
I was thinking more along the lines of the initial cam break-in procedure. If it's not done right you can sometimes (often enough) be the recipient of a too-soon worn out cam.
Break-in involves running the engine at 2500 to 3500 rpm for half-an-hour before doing anything else. No idle time, no fine-tuning, just that higher rpm running so that the cam can get it's fair share of oil splashed up and dripped down on the lobes.
And flattening cams tend to spit up through the carb. Especially when accellerating. Acting a lot like a super-lean condition.
Loose valvetrain components can have the same effect too, like ugly74 was saying.
And speaking of which... Have you checked for vacuum leaks? Your Edelbrock won't have a Power-Valve (can cause similar symptoms), so that's not an issue. But a lean condition due to a leak or non-moving metering rod or something like that could be causing your spitting.
And you say "coughing" (not spitting, like I'm using). S I'm wondering, is it actually spitting out the carb, or is your engine just momentarily dropping power and then picks back up?
Other than that, yes, your 5k should be well broken in for the rest of the moving parts. Typically, anything between 500 and 1000 is considered plenty and the point at which you can treat it like a rental. After 5k most of the stuff is loosened up enough to rule a tight engine out as a reason for running hot or not having enough power or for not getting the fuel-economy you expect.
Paul