Stroking 318
I too would say look into the 349. I would really think about what you want as far as a street/strip motor and go from there. I used to daily drive a 383 with a huge cam that others would never consider daily driver status.
either one of the heads will work. how much compression, cam, ported or not, money, etc. will all play into what ones will be the better choice.
as far as the 318 I say why not. there is always the why not question like asking the /6 guy why not a V8? or the guy with a 340/360 why not a 440, it for me comes down to what do I have and can afford.