1978 318 heads? Small port? Or large

Well that poor kid in the thread the other day with the reman 318 was getting told left and right his 7.1 cr was great lol. Im with ya. Unless im hanging a few turbo's off the front nothing iron headed would be purpose built by me that didnt start with a 9 or 10.
Depends on your cam. I'll take 7.6 over 9.5 if it's not gonna have anything in the cam department. If you're not gonna make a lot of power, no reason to not be able to run cheap gas. (in extreme cases you can even keep yourself from running pump gas in a mild motor) People who shy away from cams that're "too big" like the factory 340 cam have no business trying to maximize compression.