Race track you can build for any rpm you gear it for streetability idle to 3000 rpm is your daily
Why would a 360 block weigh that much more?
With the money it seems you plan on spending, build an all aluminum 500+ cid big block it will make the most hp/tq in the street friendly rpm band of idle to 5500+ rpms.
I have Nothing against the 318 and if you really want to, build it. You want power & drivability which a 390+ cid could be decent at that and the smaller bore will allow enough flow for 500-600 hp but a 360/340 is gonna breath better and make like 20+ more cid for a slightly better idle-5500+ rpm.
You don't need that for 500-600 hp that's more for a 700-800+ hp.