Swap or rebuild?

I think for $1000 you could do some good bolt ons for now. I'd replace the cam with the small summit brand one, replace the valve springs with Comp 901-16s, upgrade to the MP ignition package, and replace the curent exhaust with cheapie headers and dual exhaust to the bumper. You'll have the gaskets and some engine enamel in there too. You'll have 340 performance and with a pie tin - 340 looks too.