How would you rebuild this 318?

Are you sure it's not:
A loose converter bolt?
Cracked flex plate?
Loose balancer bolt?
Loose lower pulley bolts?

How many miles are on it? if it has a bad rod or main bearing why would it need bored out again.

Must take apart and know what's wrong first.

Check that first, cheap and easy fix.
if you want more oomph, consider lower gears. I wouldn't go lower than 3.91's. I have 4.10's in my car, and I am hitting 4k on the tach at 70 on the freeway. Great in town, or on the back roads where you have a lot of twisties to accelerate out of. It sucks on the freeway, a LOT.