My brother had an 89 318, with an MP 430/450 260/268 cam (little better than RV) crappy manifolds,cast intake w/a thermoquad, 2" dual exhaust, 2.94 gears in an 83 Cordoba and it would take a Durango RT in a street race. Yes the Durango was probably 800-1000 lbs heavier, but had the advantage of 3.92 gears and computer control, the only tuning the Cordoba got was turning the distributor till it sounded good and setting the idle mixture.
You'll have headers as an added bonus, and I agree, you won't put out what an 360 Magnum will but you'll be suprised. Let us know what you go with, it'll be interesting