Today, dollar for dollar, is the 318 faster than the 340 ???

jammied said

Dollar for dollar 318 is better at $3000. Build a good solid bottom end 318 for $1500 -$2000 the other 1000-1500 goes towards camshaft, a little head work on some magnum heads and Intake carb

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My take would be to do the opposite. I'd build the snot out of the top half (cam, heads, intake, carb) and leave the bottom end alone. I know a guy that raced a 318 in stock eliminator and shifted at 7200 rpm's for 4 yrs with stock rods and crank. They are tough.