Looking for a little more power out of a 318

In a nut shell, yes.

The 360 will provided much more torque over the 318 and it's peak HP will be a few hundred RPM's sooner due to the extra throw of the crank.

Other plus markers of the 360 are cheaper pistons, use of stock heads rather than porting out the 318 heads and port matching them for best performance from them.
Most OOTB parts will be good to go rather than not so many OOTB parts for the 318, which are commonly to large for mild 318's. Your HP level sought for the teen is still mild IMO, though getting up there for it's particulr displacment.

For a decent mileage and powered 360, you'll require less cam and stall.

Pistons are a bit cheaper as well.

The only draw back on going to a 360 at this point is the purchace of the 360 itself. Also, there extrnally balanced and require a different drivers motor mount.

The external balance can be overcome via a modded flex plate from B&M or others that allow the use of neutral balanced torque converters without problems.

Off hand, besides Schmaucher creative serives, I do not know where to get a drivers motor mount, and there pricey. Great and beautyful stuff, but a tad pricey.
http://www.engine-swaps.com/