318 garage clear rebuild

Isn't the .040 head mill part of the "recipe"?
A .040 can be changed for what ever ratio hour trying to achieve so saying it is part of a recipe is kind of ambiguous. Anybody can put up a recipe with any head mill spec they want.
Is there a table somewhere or equation that tells what compression psi is what cr?
No, the cam can change that easy. The dynamic compression ratio is different than the static compression ratio. The cam changes the dynamic ratio with every cam swap.
I was going to do the 360 heads on a 318 years ago but an older mechanic advised Imshouldnt because of the crowd drop. Good info here guys...I ended up running a 340 so I never sorted out the 318. I ran it stock save for a cam ,edelbrock intake, and 600 Holley.
Crowd drop?
The 318, no matter what year it is or what ratio is listed suffers from low compression. Using a 360 head makes it worse.
What would be the lowest c.r. that you would want in a street performance engine? I'm thinking 10:1 Is still doable on today's gas...A 318 with 360 heads I'd think the lowest I'd want is 8.5:1
It’s not so much the static ratio your worries about but the whole package that makes power. The more power you want, the higher the ratio in order to keep the cam & engine combo as a whole efficient.