It would be great, the only problem is that you wouldn't see the engine's true potential unless you also put in a new cam (and with a bigger cam come rods, rockers, and springs), heads, and maybe an intake manifold, so it would get pricey. And it's also getting deep into the engine so you either have to know what you're doing or pay for a mechanic to do it. But when it's done you will have a beast...I might start saving my pennies.
Or I could get nitrous. Anyone here know anything about running nitrous on a 318 and how well they hold up? I was thinking about a 100 shot.