I'm not sure 230-240° in a 318 will get you 500hp, a solid roller may get it close. I posted my 340 earlier and it wasn't 500hp with a 236/242° hydraulic cam. Even with ported Edelbrocks I shifted it at 6400, anything earlier or past 6600 and it slowed down.
If I were building this engine I'd be looking at cams in the 250-260° range and around .600" lift, most likely a solid roller.
Your mileage may vary.