“Max effort daily driver” 318 build vs “Budget” 400 swap

I would at least put decent pistons in the 400, to have a good short block to hop up later,
Bingo!
run it 2bbl or whatever compromises you have to build a solid short block.
On the mainland USA, AFAIK, the 400 only came with a 4bbl carb being a TQ in which i highly recommended the larger primary TQ.

For a street 400 engine, no more than 9.0-1 if it needs the rebuild (and it probably does) a TQ carb if possible on top of a performer intake if the factory intake is not available exhausting through standard headers into a 2-1/2 H piper exhaust.