What do you think these 318 specs will yeild

As long as your 360 heads are in good shape, it would make for an excellent platform for easy HP. A Stock headed 9-1 ratio 360 and a MP 284 purple cam made 360hp. M1 single, 750 & headers.
(Old MP create motor copy)

Down the road, add Edelbrock heads and add over 40hp easy