Another 318 set up

What size carb and valve's would you go with?
Basically your talking about airflow and velocity, ultimately you want the ideal size like that header question you had in another thread. Obviously the smallest nor the largest will be it, a lot are so afraid to kill any velocity that they will kill airflow, power is basically airflow over time in other words how much cfm is going through your engine at any given time. So if you want it to make power (torque over time "rpm")
It's got to breath, but problem with a gas engine it's only efficient over a narrow band of rpms why a torque curve has a frown curve for the street engine it generally peaks around 3000-4000 rpms.

The goal is to fill the the cylinders the best you can over a range of rpms eg.. Idle to 5000/5500rpms, A stock low power engine works idle to 4000/4500 rpms the trick is how to gain more usable power 3000 to 5000/5500 rpm without overly effecting idle to 3000 rpms problem is some compromises need to be made.
How much and where is really up to you to figure out, we all would compromise/make choices differently
your re-engineering your drivetrain.