First thing to do is to put dual exhaust on it, at least 2 1/4" or 2 1/2" diameter.... The stock single exhaust really restricts the engine....
Next thing to do is put a dual plane 4 barrel intake manifold on it... Then put a Holley 80457 carb on it that comes with electric choke....
Next upgrade is to put a larger cam similar to a 340 cam or slightly bigger and install a double roller timing chain, the stock 318 timing chain is junk - it will stretch easy and can jump a tooth when the nylon coating on the gear gets old and brittle and chips off making the chain looser....
The reason it will only do a one wheel burnout is you have an open rear end, if you want to do two wheel burnouts switch to a Sure Grip rear axle....
