AHH!! The Mopar 318! One of my favorite American small blocks. The short stroke and long rods means that the rings tend to last forever.
If a 318 starts burning oil, it's usually the valve guides, because the rings last so long.
The Magnum conversion in 1992 changed some parts of the 318 (it became known as the 5. 2, for instance), but most is the same. Crank, rods, pistons, etc are all the same. The main change with the engine was the heads and valvegear. The older (LA style) 318 the debuted in 1967 had shaft mounted rockers, and oiled through he head. The Magnum engine (1992+) went to stud-mounted rockers and oiled them through the pushrods. The magnum heads ended up being cheaper to make. They can flow well, too, as they are loosely based on certain dimensions of the famed W2 mopar small block head.
All 318s since 1985 have a hydraulic roller cam setup. Not very performance-friendly, but it's easy (no) maintenance.
One problem area with all 318s-- the timing chain!! Mopar small blocks are hard on chains and the slack ends up causing poor cam timing and bad MPG. Replace the OEM piece with a high-quality chain like those from
www.hughesengines.com
Mopar Performance has a timing chain tensioner that is a good investment, imo.
They can also have head sealing issues if the coolant is not well-maintained.
IMO, the 318 is far superior to a 360. The 360 gets TERRIBLE mpg, and isn't much more powerful at all.
The 318 is a little darling of an engine.
JMO, as always.
Justin