408 build

Hey all! Just got a 68 barracuda and already got myself a 4 speed with all the linkage, steering column, pedal assembly, driveshaft, front disc brake kit, tubular a arms, and now I am thinking of getting a blueprint 408 stoker for her. She's got a 318 now which I was planning on keeping for now but I did a compression test and it didn't turn out so well. Cylinder#2 has 0 pressure. So I'm thinking of getting a 408 short block and using some ported iron 360 heads to save money. I can use my intake and carb and some other accessories off the 318 so that's why I'm not going to get a complete crate Engome. My main question is will I get in the 375-400 hp range with stock 360 heads on the 408? Any suggestions will be appreciated! Trying to do this somewhat on a budget so I'm hoping to use stock heads. Thanks for radi g this everyone!

First of all, welcome & congrats on the Barracuda. The answer to your question is yes depending on if the 360 heads have been worked (ex: ported, valve job w/2.02s installed, etc.) and also what other components you will be using. Do you have a set that have been modified already? If not, there are some good choices out there to start with. What specific parts off the 318 are you planning on using? I ask because parts meant for a 318 may bolt onto a 408 but will not be anywhere close to optimal for it. Also, is that driveshaft set up for which trans & rearend? GL with the project. Btw: Are you near Kings Mountain Rd. by any chance?