Basic 318 Mods

318WR hit the nail on the head: if you're starting with dog ****, no amount of sugar is gonna make it ice cream. comprehensive diagnostic to start. always.
I have to agree here for sure but then again in general I think the question was beyond that point in an assumption the engine and car are good to go.
from there, i personally think that a dual plane with a reasonable 4bbl carb and headers is a viable path-- despite some naysayers. is it a world beater with the 2bbl cam? no. but it's a reasonably priced path to something that's decent and all of that will directly attribute to any build going forward.

if you're going small cam, get the 340 repop. you're not building a race motor, it won't suck out too much compression, it doesn't have enough lift to need special springs or machine work, it doesn't have enough duration to need a converter or gears.
FWIW - The 340 cam is a good bit bigger and any compression loose is only going to make the already (possible) 7.9-1 ratio seem even worse. The 340 cam also uses “340” cam” valve springs. I think it to insure more rpm. Personally I think the factory did well to equip the 340 engine with the minimum of 3.23 gears.

even with a 2bbl it makes for a ripper. 340 repop cam in a 318 is a solid combo and it's cheap as chips. i'll say it till i'm blue in the face

Cheap as chips! I love it!

everybody is really over thinking it. it doens't need to be perfectly optimized, it just has to be a decent cruiser.
100% dead nuts ball crackin on.