I've got a '71 swinger with a 318 and power steering so the water pump connection is on the passenger side and the timing marks are on the driver side. I have a 340 that I want to swap out but it has the water pump connection and timing marks on the front cover opposite the 318. Can I just simply swap the cover, pump and balancer or are there gonna be issues, do I need to keep the 340 balancer and re index? Haven't really dug into just glanced at it a little this evening and was curious what the best solution would be. Any help appreciated. Thanks.
Yes, keep the 340's original vibration balancer with the engine.
Use the original timing chain, water pump, cooling fan, radiator, alternator and power steering parts from the original 318 and bolt them onto the 340. Just make a new mark for TDC on the 340 vibration damper to match the new marks on the other timing cover. Just paint a line on the damper with white out or white or silver touch up paint on the original 340 balancer to match up with the other timing chain TDC mark.
Side Note: The early oil pans (pre 69) had a different seal for the oil pan with 6 nipples and the later one had the 2 nipples and wide rubber flange on the gasket for sealing. If you run the 340 oil pan, you need to get the gasket kit for a 68-69 318/340 to get the proper oil pan end seals.
If you decide to use the oil pan for the 318, then order a gasket kit for a 70 and later small block to get the proper oil pan end gaskets that seal to the timing cover and rear main.
Either the old or new style oil pan will work on the engine, you just need to get the proper gaskets for the pan.
Basically what you are doing, is converting an engine that came with a cast iron water pump to the aluminum water pump. But you have to keep the original vibration damper for the crank in the engine that you are using....
When they changed the water pumps in 70 they moved the radiator outlet to the opposite side, and the timing marks 90° so they wouldn't be blocked by the water outlet.