LA 318 compression numbers

Cylinder number 1 is 100 psi, cylinder 3 is 100 psi, cylinder 5 100 psi, cylinder 7 is 100 psi.
Passenger side. cylinder 2 95 psi, cylinder 4 100 psi, cylinder 6 is 95 psi, cylinder 8 is 100 psi.
Thats what the compression test revealed with the engine warm. It's got a burnt out fan clutch, a leaky radiator. And it puffed out some blue smoke when he fired it up.
He is wanting to make this truck a solid runner. And doesnt know wether to start putting money into the engine thats already in it or go a different route.
I told him if it were me, i would save up 2 to 2500 bucks and get a 360 magnum out of a wrecked dodge ram from the junk yard and get an intake and carb and distributer for it and new plugs and plug wires and get the timing and carb dialed in on it and i told him i think he would be more then happy with the results.
But he doesnt quite have the money for a project like that.
I told him the compression numbers of what he has now and he asked me to find out if the engine is in good enough shape too even be worth buying a new 4 barrell intake and carburetor for.
He wants to get rid of the 2 barrell and smog crap and run a 4 barrell intake and carb and get a new distributer that has adjustable mechanical advance so he can get higher initial timing in the engine and new plugs and new wires and a new radiator and fan clutch.