Need 318 help/advice

Look for a good set of 302 heads.
.027 head gaskets.
Advance cam 2-4 degrees.
Advance timing until light pinging under load,then back off 2-3 degrees.
Adjust carburetor to leanest smooth idle with highest vacuum.
I do not know much about that particular carburetor, you will need to play with pump squirter.
Definitely get that regulator well grounded.