I think the REAL isssue here is that HE DOES NOT WANT a 340/360. Yes, we all know a 340/360 is going to give him more output in the longrun, but sometimes some of us, including me, do not want a 340/360 for a current build.
If all you want is 350-400HP I will say that a 318 is a motor that is very capable of getting into those numbers, but to agree with some of the others you will have to realize that it just will not make the torque that you will need for those killer hole shots. Also, remember to follow up with a good torque converter, as you will need it, and a stiff rearend. This will help offset the low torque numbers out of the 318 a little. Follow Bobby's(BJR) build suggestions and you will come out just fine, IF that is the route you want to go.
The last thing I have to say is that you gotta check your attitude at the door if you want to keep getting suggestions from some of these guys. You come on a site as a fairly new member ask for suggestions, get them, and then get pissy because they tell you what you don't want to hear. This just isn't going to cut it for long around here, and this is the second thread in a week that you've done it in. Most of these guys are just trying to throw out alternatives to what you are doing, you may not like it and that's fine, but remember, YOU are the one who asked for help here. AND, most of these guys are giving you input that is time tested and tried and true, so try to be somewhat respectful when all that they have done is give out the advice that YOU asked for.