318 For Fun
In summary I say, run the LA 318 in its basically stock configuration, this is where the engine really shines. 235 HP 340 FP torque at 2400 RPM according to allpar.
Just make sure its in a good state of tune and running properly. Why do any more than that ? ( if on a budget) if you really want to play around, degree the cam, do some carb work , distributor work, etc. that falls under "good state of tune" category.