Yes, it is a easy and good power upgrade. Alot depends on what you want out of it and what you have now as well as where you want to be at the end.
Other things that can be done to a stock 318 with nice results are;
Ignition upgrade. I suggest a MSD 6A box and a recurved distributor.
Cam swap. One that works with your gear ratio or intended ratio.
Headers. The problem with these are the only 2 headers worth considering are Doug's and tti's at a hefty sum compared to the one size fits all styles that every other brand offer that may or may not fit not to mention the 3 tubes that hang dso low under the front end linkages that they scrape the floor and get dented.
March pulleys offer a few ponies. A MP viscous fan gives up a few HP.