318 build

This may very well be the time that you are wrong. The op hasn't really said anything about how the car will be used.
Your right he hasn't, most won't.
The cam choices that he originally listed are mild at best.
You still can make hp with good heads and a mild ish cams look at factory LS and Gen 3 Hemi's.
Bigger valve's and ports are better for higher rpm's,
Ya like 5000-5500+ rpms on a 318.
making power
Yes probably from 3000 rpms and up maybe even lower.
and I agree but with his cam choices the bigger valve's and ports will hurt low rpm velocity which affects throttle response and low to midrange torque.
Possibly but to make 30-50 hp more is probably worth it even "IF" you give up some throttle response, AJ probably wouldn't :)
From what little information that the OP provided he would probably be better off with cleaning up the bowl area and a good competition valve job. As you should know, bigger valve's and ports move the power band up as they improve flow and high rpm breathing.
They also increase mid rpms to like 3000-5000 rpms where the OP gonna spend most full throttle time.

Is it a good swap depends on the OP, personally I'd rather be able make 300+ hp.

Heads dictate the possible power the rest decides how much of that potential you'll get, better heads better potential.