318 power!

If they believed it was a waste of time, they should have never accepted the challenge in the first place. It went from trying to make 300HP with just stock and stock replacement parts to ordering performance parts from the catalog. Even if it's not worth the time doing, they could have done it anyway just to show that it is better to just go with a different route. If it fails it fails, then put the good parts on it and let it rip, they had a small goldmine for content, but lack of communication, and fear of falling short is what I believe got in the way.
I believe that 300 horsepower is a obtainable goal from a 318 using factory parts. 340 carb, intake, heads,cam and headers.