What would you do?

Let's keep in mind that the engine is not built yet, and the carb is being re-used from the previous build. Fuel injection is a good idea, but not part of the equation here.

I'm looking specifically for answers to the two questions posted, as well as justification for those answers. Quite frankly, I'm surprised at the answers so far for such a tame build, but it is easier to spend other people's money I guess. Yellow Rose gave some justification, and that's what I'd like to see, whether yay, or nay.

Considering all the posts I see wanting to improve performance of a worn out 318 by swapping cylinder heads and cams, I'm curious why so many would want to "go the extra mile, by spending the money on "performance work" for a basically stock engine. Stick with me here. There is a method to my madness.