If you’re talking a +.070” overbore, then it’s doable assuming the block doesn’t have any extreme core shift issues.  The cylinder bore size for a 302” Y using a 3.3” stroke crankshaft actually requires a 3.815” bore which is an odd size for Y-Block piston selection being 0.065" over.  The 0.070" number is actually a 0.020" over 312 size.  Sonic testing the block will help to verify exactly how much and where any core shift in the cylinders is.  As a general rule, the C2AE 292 blocks can be ‘safely’ overbored as much as 0.110” over as long as cylinder core shift is taken into account.