Crate la 360

The nice thing about a 360 is the torque advantage, that lets you run a solid 10% less rear gear, for the same or similar performance. And with a couple of hundred higher stall, 20% is doable as well. This becomes very important to a streeter wanting to keep the hi-way rpm down, without getting into an overdrive.
With a streeter, you can only go thru the power peak once, on the way to 60/65 mph. An most streeters are gonna blow the tires away for most if not all of first gear. That means second gear is gonna be the gear you need to be concerned about. And street stall makes almost no difference.

Say you have 3.23s with a 904 ;
When you top out first gear at say5700rpm, on the 1-2 shift, your Rpm will fall to ~3250. And that will be about 50 mph. By 65 the Rs have climbed to about 4150.
So your powerband needs to be from 3250 to 4150, if you wanna ET well to 65mph.
So, in this contest, who cares about absolute power at 5000/5400!
Here is where the 360 is gonna prove itself, and here is where the 318 is gonna embarrass you. Because if both are built to the same absolute power level at say 5000rpm, then the 360 will murder the 318 in this contest; from 50 to 65 mph, with 3.23s, and the same stall.
Why?
Because the 360 is gonna make waaay more torque at 3250 to 4150. This is why a 360 is so much fun; it may only be 13% larger as to cubes.But at 3250rpm it's gonna feel waaay bigger than that.

So when asking about absolute power, IMO, I think it's important to provide a context; like application. Cuz if you are not a streeter, or you don't mind paying speeding tickets, or your application is drag-racing, then I would have told a different story.