Need Some Input

That is high.... 700 bucks. My area is about half that. Anyways, if you got a good running 360 mag, you probably don't need to rebuild the short block. I'd put your 318 timing cover on it, and a cam that has the fuel pump eccentric for mechanical fuel pump, intake and carb, you should have money left over. Don't let 120,000-150,000 miles scare ya. If you can hear it run, and it holds good oil pressure and the heat gauge is steady, your probably in good shape. Can always do a compression check....