Hi from Aus! 1966 VC Valiant cruiser

No Regency didn't need to see it, as it came with a 273ci V8 as an option and the increase in size to 318ci only warranted a Disc brake front end change (279mm) I think the Chrysler by Chrysler discs measure 282mm.
Your best bet will be to contact Vehicle Standards and ask the question. Have you thought about a stroker 318.....still a 318 block ;)
If you change the diff, I believe you will need to get the car inspected if the measurements are outside of 1420-1460mm. Stock, R series - VG are 1452mm

So I assume you didn't tell them about the engine mods then? as when I asked about it, they said it would then require inspection. Im tempted to just say its standard engine spec 360 and see how I go. Im in the middle of fitting up BA Falcon brakes front and rear to mine and the diff will be cut down to 1360mm. I can't find any listings for track requirements for per 1970 cars so maybe it doesn't cover mine being a 1969. Looks like I need to ring vehicle standards again but it seems I get slightly differing answers each time. Ive been told they only allow 15% increase in power over the largest factory option and that very easy to do, thats means a stock 318 just sneaks in for your VC.