If you have a 302 with a 101B induction coil, it is really a 304, but the answer is still yes, it can definitely be used. The 101B induction coil is built around the 101A coil, and is functionally the same, except for a couple of modifications from the 101A which allowed the 101B phone to be used on party line extensions for automatic number identification (ANI).
The 304 is wired slightly differently than the 302, but here is how you should connect to the 304 as an antisidetone subset.
The red line cord wire should connect to terminal L1
The green line cord wire should connect to terminal L2
If you have a modular cord connecting to the wall and it also has a yellow and black wire in the line cord, the yellow and black should be left unconnected, with a piece of tape over the ends so that the ends are insulated. There will not be enough spare terminals to connect the yellow and black line cord wires to, and the yellow and black line cord wires are extra any way. (Not to be confused with the yellow and black wires coming from the telephone desk set body.)
Assuming your 304 has a ringer with 4 wires, the wires will be red, black, slate, and slate/red.
The red ringer wire would connect to terminal L1;
The black ringer wire would connect to terminal K;
The slate ringer wire would connect to terminal E;
The slate/red ringer wire would connect to terminal E also.
If your ringer has two wires, red and black, connect the ringer as follows:
Red ringer wire to terminal L1;
Black ringer wire to terminal K
The capacitor under the long metal strap has four wires coming from it Red, Black, Yellow, and slate. Connect as follows:
Red capacitor wire to terminal C on the 101B induction coil;
Black capacitor wire to terminal GND
Yellow capacitor wire to terminal L2
Slate capacitor wire to terminal K with the black ringer wire.
The wire from your phone body will have 4 wires; Red, Green, Yellow, and Black. Connect as follows
Red to terminal R on the 101B coil;
Black to terminal GND where the black capacitor wire is connected;
Yellow to terminal L1;
Green to terminal GN on the 101B coil
Lastly, you will need a jumper wire between terminal L2 and terminal RR on the 101B coil.
That should cover all the bases.
Good luck