318 Build on a small budget

Welcome from California.

RustyRatRod's Guide To Hot Rod Bliss

my Low dollar 318 hop-up project

"low dollar 318 hop up" - mission accomplished

Consider suspension work first, including brakes and tires. You need to be able to control what you have, and what you plan.

Second, gearing and trans, to be able to handle what your third priority will put out.

Third engine.

Fourth, body and paint.

I agree with your 1-2-3-4 approach. Safety then drive train. Unless the engine is a completely worn out oil leaking pile, a crisp shifting 904 and some 3:55's might spruce her up. Unless te drive train is all good already, it will have to be gone through sooner or later anyway. Might as well make it good before the fresh horsepower is under the hood.