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In my opinion, there's not enough to gain unless you keep the fuel injection and computer management. Otherwise, simple hop-up stuff to the 318 you already have will suffice.
Better heads and roller cam...will perform as well or better than a simple hopped-up LA engine while the magnum is mostly stock.
I ran a stock 360 magnum (aside from intake), with stock 1979 manifolds and ran 15.1 @ 91 mph in the little red truck. Using a hughes roller cam (mild one at that) and headers and it felt like a completely different truck...low 14's probable. A similarly hopped up LA probably would have been only a little quicker than the stock-ish magnum was...
1979 Dodge Lil' Red Express - 360 rwhp, 13.2 @ 103mph
1968 Coronet: 318, 2.76, 15.2 @ 92mph! (SOLD)
1976 Valiant: 360, 3.90, 12.90 @ 106 (SOLD)
1989 Shelby CSX #500/500
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