318 power?

I know of a 340 almost identical, cam & comp, but with worked X heads. It made 380hp with 1 7/8" headers. His shift points were right at 7K. I suspect you'll be sneaking up on that if everything is right. As far as 1/8th mile times, if your gonna track race it exclusively, you need more gear and a 5k ish converter to maximize your et's. With your current gear and a 3ish converter, i'd be thrilled with a hi 7 in the 1/8th.