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Mustangdemon you cant just swap axles you need a whole rear end 8inch atleast front hubs brakes front springs motor mounts motor mount brackets radiator some wiring and plumbing.The reason is the inline 6 cars have lighter front springs and small drum brakes so stuffing a small block in it will make it handle worse and stop slower thats why you swap everything i listed for safety.
1974 was probably THE worst year for the 302 motor. The automakers were fighting emissions regulations and high gas prices, and the motors of that era (74-78) were very poor performers.
Recommend you find yourself a nice 89-92 roller 5.0 and put in there. It'll cost you about the same.
You don't HAVE to do anything but the motor.... I ran the 6 cyl drivetrain for months before I did the 5-lug conversion..... It's definitely preferred, but you don't HAVE to do it...