I like the idea. I was going to do the same thing, but take it a step further and use the 318 2bbl air cleaner, modded for a 4bbl and pull air at the back.
The 318 that I'm building is getting a little more than a stock build, but I'm going on Direct Connection gear wherever custom stuff is seen.
If you wanted to make it a sleeper, you could internally balance it, but for what you're going for, unless you started removing casting marks (X, O, J on the sparkplug areas of the heads and then down low) it's not worth it.
I think a 390 with some ported and valved 302 heads would be way more fun, because you could actually do that and make it look like a 318, completely.
If you've got a 360, roll with it, external balancers and all. And yeah, you can paint aluminum. The only thing is that most aluminum cylinder heads do have a call out on them and have flat areas that give them away, like the Edelbrocks.
I'm honest with my engine build. It's a warmed over 318 and the decal on the cleaner says so.
Probably undercutting HP @ 210 by a few, but I'd rather do that than go the other way. I may dyno it one day after the trans is in, just to know.
I've got some sneaky stuff for the Charger build plan, though.