It can be very powerful with the 318 stock stroke if done right. Of course, there's always the 392 thing. But as for the block, it's fine for what you want to do. Stock hydraulic lifters will live just fine. I'd recommend a decent set of adjustable rockers, though.
yeah, did a lot of reading and pretty much settled on PRW's until someone talks me out of that also... i swear no matter what brand of an item you look at someone has a horror story.