318 LA torque?

RRR shows another way to do it within budget without doing the bottom end
but your bottom end must be good use the .028 gasket when going back together
compression ok?
or at least budget some new rings and a hone, multi angle valve job, DIY hand blend mill the heads etc

Magnum 5.9 comes already with "a good flowing heads", matching hyd roller is about 197 degrees @.050 and you do not want to go over 204 with either build with stock compressions (magnum is higher out of the box)
If carb I like AVS or TQ but I'd take the time to learn the EFI, you need to lear new carb and dist curve on the conventional build anyway