General 318-340 questions

I read somewhere that the valve train in the 318 usually fails to get to that rpm. Something about the play in the rods affects it.

That is not true. Small blocks are good to 6,500 -7,000 rpm, valve train, connecting rods and all. Rpm is usually limited by ignition, cam, valve springs. You want strong cylinders that you can seal with the pistons and rings. Next you want good heads, and for the power you want, you can do that with 360/340 heads. Don't get hung up on horse power numbers. 340's were giant killers and they were only about 300 horse power. If you do it right a 318 can be a blast to drive. Strokers require a big cash outlay for a new crank, rods and pistons. Strokers bring the rpm down by adding cubic inches. What car is it going into? What do you want your car to do?