That would be interesting but the 4.6L V8 displaced 281ci so that was close enough. Plus the original 302 was just a stroked 289 engine, which was "revived" in name with the Coyote 5.0.
If anything, something similar to the Cleveland engines would be ideal. Small package, low weight, big power, decenty fuel economy. Kind of like the LS engines (the LS1 was very similar to the 351C anyways). Right now, the Coyote engines are doing great and I don't see them going anywhere any time soon (because less face it, it's a new design that's holding it's own right now and a new engine would be pointless right now). Maybe in a few years. It would be cool to see a new Ford pushrod engine but they are so far advanced with the modular engines that designing a completely new engine would be dumb. It would be interesting to see an old engine turned modern though.