Have I made the right choices?

Your only mistake I see that you made is the heads.These heads would be better off on a 340&360,not a 318.A 318 needs a smaller valve to keep the volocity up and having a 170cc runner will kill bottom end and mid range,but the rpm,s above 5500-8000 will be really good.Problem is,you will never go beyond 6500.I would use a smaller cast iron head,port matched and bowl blended,and save the eddy,s for a 360 motor.The parts you have will work well,if you go with a smaller valve head.What you have done is brought a fire hose to water the garden,when all you need is a garden hose,Mrmopartech