The old 301 was a 283 bored out to 4 inches.
There is more to making a legitimate 302 than a 327 block and a 283 crank. A properly build 327 will rev almost as good as a 283 or 302. And if both (327 and 302) have similar compression, same cam, similar ported heads, and good rods - which do you think would be faster? 
I agree with Bryon's notes about that more is required than the crank... and that the 327 engine is a good engine -one of the best chevy ever built for balance between power and torque. They certainly have better torque characteristics than the 302 (due to it's longer stroke), but all things equal .. don't forget that 'almost' inserted..
ie. the 327 would 'break - throw rods thru the side of the block'.. before it would rev as high as a 302 (simple mechanical loads problem).
And.. don't forget that 302/Z28 beat a lot of 327, 350, and even big blocks at the drags for years...
(No, not always... but often)...
PS. And don't forget the sound of a super high revving 302~~ Some of us might rather 'lose' a drag race in a 302 than win with one of those big old lunky BBs..
