True the 302 will smoke the SS but I dont think thats the right comparison. I actually think the GT to the SS are more closely related than the 302 to the SS. And the 302 has been "race refined". And most car reviewers would choose the 302 over the more powerful GT500.
I've never been a big muscle car guy myself. If you're gonna throw more power at something you better mix in some finesse too.