confused - or just a stupid question

So lemme get this straight, you floor both pedals and the engine "sounds real good" but the rear tires will not break loose. Do you have a tachometer? I would love to know what RPM you are pulling when all this nothing is happening. Bear in mind the factory converter behind a 340 stalled at about 2300 RPM. The stock 318 converter stalled at about 1800 RPM.

My guess is you have two things going on here, first with the stock 2.76 gears you aren't exactly putting a lot of torque to the wheels. 3.55 gears will help you greatly and not hurt fuel economy too much if at all. Second and more importantly, I think either your converter or transmission is junk. I would suspect the converter.

How wide are your rear tires? Do you have a Sure-Grip? (not common on 318 cars with 2.76 geared 7 1/4" rears, but it was an option). Bottom line a stock 318 2 barrel would roast the original 195 rear tires. You have something going on.

Oh and when doing Torqueflight burnouts Always start in 1st but shift into 2nd BEFORE you lift off the gas. Not doing this can trash the sprag and result in a massive transmission failure.