Here's what I have:
'82 Fury 318 (with a bad rod knock)/ edelbrock performer intake, Demonsizzled TQ and 2.25" dual exhaust via stock manifolds; 904 to a 2.2 7.25" rear end. Also FBO ignition system.

I'm thinking for a cheapo rebuild: stock 340 cam, "302" heads, new double roller timing chain w/ MP tensioning device and a windage tray.

Any thoughts?

Find someone parting out a mid of late 90's magnum truck with a running engine and reasonable miles and buy the engine for a few hundred bucks. Redrill the heads to take your intake, put on an electric fuel pump and drop it in. Enjoy the 100 extra HP over your previous 318.

You can't do a real cheapo rebuild on a 318 with a rod knock. Bare minimum you'll need the crank ground, block stripped and hot tanked to get all the metal shavings out, block bored, new pistons, cam bearings, etc.