If looking to do 12's I'd go 360/5.9l but can be done with a 318.
Here's an article what it took to do high 12's (12.76/103mph) with a 318 and dyno results.
https://www.hotrod.com/articles/mopp-0311-318-engine-buildup-and-dyno-test
Test 1-Stock 318 with two-barrel carburetor, 1 5/8-inch Hedman headers, and 3-inch exhaust system with mufflers.
Test 2-Rebuilt 318 with 9.8:1 compression ratio, pocket-ported 318 heads, 340 cast-iron intake manifold, 625-cfm AVS carburetor, and Giles Performance single-pattern camshaft.
Test 3-Same as test 2, but with Giles Performance dual-pattern camshaft.
Test 4-Same as test 3, with ported 360 heads.
Test 5-Same as test 4, but with 360 cast-iron intake manifold and 750-cfm Thermo- Quad carb.
| RPM | Test 1 | Test 2 | Test 3 | Test 4 | Test 5 | | | | | |
| CBT | CHp | CBT | CHp | CBT | CHp | CBT | CHp | CBT | CHp |
| 2500 | 305 | 145 | 326 | 155 | 347 | 165 | 360 | 171 | 364 | 173 |
| 2750 | 303 | 158 | 336 | 176 | 357 | 187 | 369 | 193 | 371 | 194 |
| 3000 | 297 | 170 | 338 | 193 | 364 | 208 | 373 | 213 | 377 | 215 |
| 3250 | 286 | 177 | 338 | 209 | 366 | 226 | 375 | 232 | 379 | 234 |
| 3500 | 277 | 184 | 233 | 222 | 365 | 243 | 273 | 249 | 378 | 252 |
| 3750 | 262 | 187 | 337 | 241 | 363 | 259 | 371 | 265 | 377 | 269 |
| 4000 | 246 | 187 | 343 | 261 | 369 | 281 | 378 | 288 | 385 | 293 |
| 4250 | 230 | 186 | 343 | 278 | 270 | 299 | 381 | 309 | 388 | 314 |
| 4500 | 214 | 184 | 340 | 292 | 365 | 313 | 380 | 326 | 388 | 333 |
| 4750 | 197 | 179 | 331 | 299 | 356 | 322 | 372 | 336 | 380 | 344 |
| 5000 | 180 | 171 | 376 | 301 | 341 | 324 | 362 | 345 | 371 | 353 |
| 5250 | 163 | 163 | 298 | 298 | 324 | 324 | 346 | 346 | 357 | 357 |
| 5500 | 146 | 153 | 279 | 293 | 306 | 321 | 330 | 345 | 339 | 355 |
| 5750 | 290 | 317 | 312 | 341 | 321 | 352 | | | | |
| 6000 | 271 | 310 | 295 | 337 | 302 | 345 | | | | |
CBT= Corrected brake torque
CHp= Corrected horsepowerHorsepower and torque corrected to 29.92 inches/Hg barometer, 60 degrees, with dry air.
To me looks like 5750 and 6000 rpm's are in the wrong boxes and should be moved over 5 spots.