The one thing I'd check out closely was the line "needs some wiring". If mice have been in it you might be better off passing - a new wiring harness is a PIA to install. I stripped the interior out of a 1987 F150 that had "a few wiring issues". The mice got behind the dash and ate everything. The junk yard was going to put it back on the road until they saw that mess.
A 302 will tow as long as your expectations aren't too high. I tow a two horse trailer behind mine without an issue.
The bigger issue is if it has the C6 3 speed, the AOD or the E4OD transmission. The C6 or the E4OD will handle anything the 302 can throw at it, the AOD transmission is pretty light duty when it comes to towing.
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Today's Featured Article - Two-Brush Generators - by Chris Pratt. Whether for product liability or because the aftermarket parts and labor business is lucrative, this concept is disturbingly prevalent. Fortunately when you step into your shop and make that jump 50 years back in time to work with your old tractor, this concept goes out the window. Even so, when it comes to the charging system, people quickly revert to this idea and start replacing the major components one at a time until it works. The reason you don't find any decals in your replacement set wit
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