After reading this, I was thinking how much fun it will be when you build this motor and people ask "What's in it?" and you say "318." And they say "oh" as if disappointed. Then they hear and see it run. There will be a different "oh" then.
I really doubt they would be disappointed in your 318 when it smokes their 327 slowmaro, they will likely be more disappointed in their slow Chevy. Absolutely nothing is wrong with a 318, you can get one cheap and they can go fast if you do them right.