Basic 318 Mods

not if it was mine.
your stock 318 will not outrun the single exhaust with 2.76 gears, until screaming in top gear at/or near the torque peak, which translates to 77 mph or so..... unless it has been crushed, or the Y-pipe was welded up poorly.
But, if that's where you want to start, I've said my piece.
dual exhaust is the forerunner to the 4bbl he wants to add. Also, just for the conversation (and not argument), our '77 van with a stock 318 2bbl dropped 3 tenths and gained 2 mph in the 1/8 mile by going from a true dual exhaust to headers and duals. So 318 2bbls do appreciate more flow too...... :)