quick 318?
Say you're at 3400lbs with you in it??? With a very good converter, good suspension, and a little more gear, you need to make a solid 320/340hp to be consistently in the 12's. Can you do it, I'd say yes, but with your carb, cam, comp, in it's current form.......I doubt it.
With that said, summer is coming around and I'd have no problem throwing together a combo like you have available now. Might not go 12's, but should be a really fun street ride until you're ready to move up to the 360.