Compression question

If you have to bore it, you might as well bump the compression up; Pistons cost about the same.
If you have to replace the cam... you might as well bring it into the new century; cam kits all cost about the same.
Good luck with whatever path you choose.
I might as well tell you that an LA318 with a small 4bbl,a free-flowing dual exhaust, and a 2400 TC(2800 better), with any 3 series rear gear (the bigger the better), in any A-body..... is a lotta fun, even a stock-rebuild low-compression one; (again, more pressure is better).
I would choose compression over the 4bbl, and hi-stall over gears; if I had to.
You will need a SureGrip.