If you are talking about the larger diameter cap then yes. I have done this to both of my cars. I can't remember what year they started but you pretty much just need the rotor, cap and spacer from a newer 302/351W probably starting in the 80's. The spacer snaps on with the old cap retaining spring and the spacer has it's own springs to hold the new cap. I have heard the larger cap helps prevent crossfiring.
MSD sells the whole kit as their "Cap-Adapt", if you don't want to hunt for the spacer. The '84/later Ford 5.0 cap/rotor will then work for future cap/rotors.
It should be noted that this will make your distributor much taller. You may get interference with the a straight monte-carlo bar and some larger diameter (or length) air cleaners. This is especially true with the 351w's.