What would you do?

I agree with most here. Leave the 318 as is, but I would beef up the exhaust a bit (68'- 71' stock manifolds) or a set of headers. Build another "HOT" motor if needed for special moments(a one day swap out), but if you want to get a little more serious, a 727 and 8 3/4 may be in need. Now your getting into heavy springs, cooling, tire upgrade and such. Back to "leave well enough alone", nice car as is.
The exhaust manifolds are 71 340 manifolds with 2-1/2 dual pipes and thrush welded mufflers. vroom vroom