Should do, I'm setting up a MP tensioner on my 318 as well. I added a fourth bolt hole in the cam retaining plate and drilled some big holes to expose the lifter gallery plugs, then i drilled a 0.025" hole in each gallery plug to oil the chain & fuel pump eccentric.
The JP & Rollmaster are good timing sets, Rollmaster do them with Nitrited gears as well and can be ordered undersized if you need.
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