318 Power, with real street manners ?

Should be able to get there with a pretty simple low-buck combo. Basic rebuilt short block with KB167 pistons, zero deck. 302 heads with 1.88/1.60 valves, bowl blend and gasket match. Comp XE262H cam. Eddy LD4B or Weiand intake. 600 CFM carb of choice. Large outlet magnum exhaust manifolds or 1 5/8 headers. This should make an honest cheap MPG friendly 300 horsepower.

A larger cam like the XE268H would make a little more power, but if you are running a tight converter and the wide ratio gearset you want a broad torque curve.

If this combo doesn't get you into the low 14's, try making the 3600 pound car into a 3200 pound car.