The Full Experience

The 318 can be done up nicely. It all depends on what amount of cash you have to do the engine. There's no big difference cash wise between the small blocks. Se parts are cheaper than others. It's small potatoes. The power output is the bigger difference.

I just don't see spending money on a 340 block as a wise I vestment on a general street build. There typical coat is around the $700 or better mark. That is a lot of cash to start from square one when your 318 block could be well underway at that point.

Once you get your 318 block machined at the final over ore, everything else wil be just like any other small block build.

At a .060 overbore, it will displace 328 cubes. Just 12 down from a standard 340 bore. 12 cubes is not a whole lot to worry about. You'll loose a race more to the actual build being less powerful or bad driving. Trust me when I tell you most people in the street can't drive to well and over rev there engine past peak power making them slower.
It reall doesn't take a whole lotta cam to make some decent power.

Just build it with a slug to get a zero deck height and go from there.