new to me engine - what to do with it ?

Get a compression test. Rip the timing cover off. Get the Mopar offset cam key kit. Keep the compression gauge screwed into #1. Advance the cam 4* and recheck compression. If there's not a big difference, advance it 4* more. slap it together and re tune and drive. I bet you add 25 LB FT or more down low. Over and out.

x2
First thing I would do is a compression check. Stock 318 in good condition is around 150 psi.
Advancing the cam closes the intake valve sooner, bumps up the DCR, and lowers the RPM band of the cam.