318 v 360

It'll take a bit more cam and head work to get a 318 at that power level. his may make the engines performance not so desireable since it's smaller and will act more snotty with a required higher stall converter than a 360 would need.

IMO, it would be worth spending the $500 more on a 360 or stroke the 318 with a 4 inch arm for 390 cubes. (If stroking is out, do a 360. But stroking the 318 isn't to terribly expensive once you sift through all the prices compared to a standard 360.)