Also when changing the cam, make sure to install a good double roller timing chain... Equivalent to a stock 340 or better....
The stock 318 single row nylon tooth timing chain is junk and should not be used or re-used... They are known to chip the nylon off the teeth to make the chain very loose and sometimes could jump a tooth...
I like this one (same chain, different sellers):
Edelbrock
Timing Chain and Gear Seats at Summit Racing
It's one step over the stock 340 cam and will last well over 150,000 miles in a daily driver/street cruiser....
So the answer to your question is install a 340 cam, change the timing chain to double roller timing chain, and dual exhaust... That is the minimum needed to wake up a stock 318 with minimal budget... :steering:
