Stop in for a cup of coffee

If one wanted a solid street pounder, I'd bore the thing over a full .090 over bore, which gets you to a 4.0 bore, stuff a 4 inch, 360 stroker crank with some light weight forged pistons, a custom cut cam shaft. Then max port the heads and find a way to free up the exhaust flow while making it fit in the engine bay. Stuff it with an aftermarket, runner-tuneable LS7 intake, keep the EFI and set the engine up with a standalone ECM. You're looking at 3500-4000 in parts and machining, but it'd push 500 HP easily. On low compression

You could! They are cool engines.
the thing with this is though, by the time I'd spend that money on a 500 hp 318 poly, I could build a 650-700 hp 440... and be lighter.