Welcome first of all!
Don't want to be one of those search nazi's, but there are a lot of answers there that we are only glossing over in this reply.
As far as weight, a 302 compared to a 250 is actually not that much difference in weight. Especially once you factor in being able to source aluminum heads, intakes, etc for the 302. Most people compare the weights of the entire car. a stock 6 cylinder car is lighter by about 100-150 lbs compared to a 289/302 stock car. But, factor in upgrading transmission, rear end, etc, and the difference in weight is minimal.
There are many pro's and cons to either side, and only you can answer.
with a 250, with any power mods, you are likely going to need to upgrade the transmission and rear end. no need for a 9" rear, but an 8" will suffice fine for what a streetable 250 can put out.
For mileage, a 302 with a T5 behind it will pull 25+MPG on the highway in proper tune so long as it isn't crazy on gearing or modifications. About the same as I get on my modified 200. I can pull around 26-27 if I go easy on the gas and stay below 70.
If you want power without breaking the bank, V-8 is the way to go. Very few around here will argue that point. The reason most of us keep the 6 is because of doing something a little different. I'm pretty much the only modified 6 cylinder in our local show and shine groups. Occasionally I see a stock 6, but those are mostly concours trailer queens. But, I get a ton of looks and questions about the build because it's different. At this point, I can drop in a V8. Everything on the car is ready for it. Brakes, transmission, rear end, steering, suspension. I have a complete v8 ready car. however, the 200 stays. I may go to a 250 at some point.
Can I win races against new cars light to light? not really. But I can still have a lot of fun on the twisties, which the 6 does well in.
Definitely get the manual and hang out and see what people have done.