Building a 318 on a tight budget.

Hi everyone, 18 year old mopar freak from sweden needing some advice here.
I´m wanting to build a 318 for my 1967 Valiant which just passed inspection for the first time in 15 years. Right now it has no oil pressure at idle and you can hear the lifters tick and some distant clinging sound somewhere in the engine.

All i know about the engine that is in the car is that is has #302 heads. The engine starts very easy and idles smooth, bought a new edelbrock 600 cfm for it last summer. But now it has no oil pressure and i know that someone has welded some quite big cracks in the engineblock and therefore i guess i should not use it in a rebuild. I don´t want to have the block crack in the welds when 300 km from home at a car show...


As i´m a student i´m on really tight budget and i can not afford any machining of the block or crank. Going with a home-polish of the crank and a hone of the std bores.

This will be my first engine rebuild and i am wondering if you guys have any tips? right now my setup looks like this :
#302 heads with lapped valves and some pocket porting.
Cheapest re ring kit from summit racing.
Std volume oil pump (Melling).
Freeze plug kit.
Comp cams complete cam swap kit with springs retainers etc. Thinking about a xe262 or xe268.
Cast iron 4 barrel manifold portmatched to the heads.
600 cfm edelcock

The rest of the drivetrain is a tf904 with a stock converter and a 8 3/4 with 3,91 gears.

Am i totally lost with my plans or what do you guys say? I want a streetable engine that will be reliable enough for the next years and i want to have a nice rumpety rump idle but not to much as i´m using the stock converter. To be able to beat some arabs BMW at the redlights is a bonus!

I tore down a 318 yesterday that was the thickwall casting that can be bored 0.130 but i found a 8 inch long crack in the engine block under some plastic padding. Saved the internals and threw the block at the recycling station today. Got one more 318 left to tear down, hoping to find a crack free engine block with not to much of bore ridge.

Will be buying everything from summit as i find it they are the easiest way to get the goods to Sweden where i live.
Sorry for my crappy english hope you understand anyway.

If you guys are interested i can post a projekt thread of the Valiant. Got 4 wheel discs, SS springs, 3,91, minitubs and centerline wheels all round.

Thank you guys for an awesome forum and thank you for the helping replies that i know i will get! :)