Rebuild 318 or go Crate

1. Does it NEED to be rebuilt?!?!
2. The use of regular gas is dependent on the engines compression ratio as well as cam used. An example of this would be my 11-1, 360 that can use 93 octane.
3. Don't bother adding lead.
4. Making use of the current engine to racing will save you money up front with the abilty to have fun while going quick. Notice I did t say fast. That's because fast is a relative term. Depends on who is driving the car and what there used to doing. A 10 second car owner/racer will balk at a 12 second car while a 6 second door slammed driver will laugh at a 10 second ride as being quick.
What's quick to you and how deep are your pockets?
What is the intended goal for going fast?