I would browse the tech here before I got too far along:
Mustang II Network - Tech Center - Main Page
If you carb the 351, then the MII stuff should mostly work, depending. If you plan to EFI the thing then you'll need a EFI spec harness, probably from FRPP. And an intake that will fit a car.
I personally would sell the 351 and buy a 331 or 347 stroker kit for the 302. Less hassle all around, just as much power. If the car has an 8", it'll hold up OK until you really hop up the motor and put slicks on it. If it's not an 8", then you'll want to upgrade.