The 302/E4OD combination exists but it is not as common as the 302/AODE-4R70W.
By 1994, the E4OD was a dramatically better box than it was when first introduced in 1989 but still not as good as the 95-up version. As to whether you would have been better off with an E4OD or a 4R70W...who knows?
The 4R70W will take 700 ft-lbs continuous at the input shaft, meaning about 350 ft-lbs from the engine (assuming a 2:1 torque converter). The E4OD is rated at 1000 ft-lbs continuous at the input shaft or about 500 from the engine. In both cases peak numbers can be substantially higher. Neither figure should be a concern with a stock to moderately modified 302. The 4R70W is probably a bit more efficient in terms of drivetrain losses. The E4OD is undoubtedly stronger in its ability to handle the inertia of a heavily loaded truck or a trailer but if you observe the GVWR and trailer ratings for your truck, that should not be an issue either.
BTW the ratios for the E4OD and the 4R70W are very similar to one another. The E40D ratios are: 2.71/1.53/1.00/0.71