Good answers here and GM made the 302 CID for SCCA racing as suggested by RamAIR Dave. But,
The 350 CID will pull from the line (et) better than a 302 simply because of torque generated from the longer stroke engine. However, the 302 will make more horsepower simply because it can, the higher the rpm, the more power strokes and less friction. The 302 is designed to be a high rpm engine, 6000 rpm and above, and can maintain this rpm without a hitch as compared to a 350, all day long. just keep the oil cool and plenty of it.
Just my thoughts. The main reason GM made/sold the 302 was to be competitive in SCCA racing.