building a mild Daily driver 318
If you get a set of 10.5 compression 318 pistons, then put on a set of 340 or 360 heads, then you will be down to 9.2 because of the larger combustion chambers on the 340/360 heads, then you can get 1.88" or 2.02" intake valves and then go with the 1.60" exhaust valves (stock 318's have 1.70" intake and 1.50" exhaust valves)
If you just throw a set of 340/360 heads on a 318 without changing the pistons, you will be down near 7.5:1 compression.
Look into Mancini Racing refresh kits to start with:
http://www.manciniracing.com/enrebkit.html
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Kit A is a basic refresh kit; $200 for cast rings and kit B with moly rings for $205) with:
Sealed Power Rod bearings
-Main bearings
-Gasket Set
-Rings (Cast)
http://www.manciniracing.com/sealedpowerkit.html
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Or Kit C for $400 you get:
-Rod bearings
-Main bearings
-Cam Bearings
-Freeze Plugs
-Melling Oil Pump
-Felpro Gasket Set
- Rings (Moly)
-Pistons (Cast)
http://www.manciniracing.com/sealpowkitc.html
You can choose kits in Sealed Power or Michigan Engine components.
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I would also recommend pitching the original 318 timing chain and going with the double roller chain (those single row chains are crap and stretch to easy and can jump time). Here's one that I've run for years and is one step above the stock 340 chain. :
http://www.manciniracing.com/edelbrock4.html