Big horsepower 318 builds

HP per CI for the 408 is 1.33
HP per CI for the 323 is 1.54. 323 is on account of a 30 over 318.

Not that big of a difference if you know what you are doing.
The difference will be in the rpm, I don't care how you slice it , 1.54 hp per cube with a 323 will need rpm