Guys he's asking hypothetically. I think the 275 HP 318 wouldda been all over the 327. JMO. We'll never know since it was never built. Since the 275 HP 340 WAS built, that;s a better comparison. We all know THAT outcome. lol
The need for Cubic Inches was in play, but Chrysler {Dodge} was slow
to pull the trigger in early 1966 (Mid-Production} due to labor issues
at the time time.
The 327/275 HP 'Code L-30' was really the lower cost 'Small Block Street Performer' in
1965 and 1966.
Ironically, if you ordered a 327/275 HP in the Chevy II Nova or Chevelle
Malibu, it came through with a large diameter 'Single Exhaust'.
But the 'smart' Chevy Gearheads knew that for just a few dollars, you could
get the Optional 'Code N10' Dual-Exhaust system...which was worth some free Horsepower.
I'm trying to find some Specifications on the 1966 LA 318 performance
proto-type.