Hey wheels welcome aboard to CCC!!!  

I'd go for the 440/727 great combo. If the 318 isn't a #'s engine for your car for get about it, you'll get more if you decide to sell with a big block under the hood.
Make a awesome clone or custom Challenger and depending how much you want to spend and how far you go you should get around 10-15K which is good for that year Challenger none #'s  
I'm sure there's a guy on here with a bad arse 73/74(?) and it's got a 440/727 set up he has the R/T stripes down it and it's red - very smart ride to say the least.
I would restore it with everything you can save that's original and replace the engine with a 440. That way all your missing is the engine (which is the biggest piece to miss) BUT it's all up to what you want it for? It sounds like you want a fast enough everyday car. Enter the 440/727 combo.  

Thanks for the input.  Ive had the car since 87 and its straight but is ready for a full resto.  I didnt list the hemi because Im not really willing to spend that kind of doe...  I was told by the orginal owner I bought it from it was the original engine, and by the condition of it, it looked like it had never been out of the car so I didnt check the numbers till now (I just pulled the motor to clean and paint).  I think that a 440 would be really cool, but its that purist thing  no offence...  
I used to own a really unique 71 Challenger convert with a slant 6 and 3 speed on the floor.  That was fully restored and actually won a few trophies.  So Im up on keeping things correct, but since this isnt a numbers car, what the heck, right?  
Any body have connections to a complete 440 and trans? (Im in Seattle area)  If do this I will sell my engine which runs good and 904 trans which needs the bands adjusted for 3rd gear, whats it worth?

Thanks for the input, keep it coming....

Wheels, I don't know how long you've been a guest here and reading the threads, so I'll have to tell you a little about Lemonboy...The reason his theory is "the lower the number the better", is because he's building a beast out of a /6.  Now, I'd have to wonder what he would do if he was given a complete 440.  Would he continue to build up that /6 or put in the 440?  I take it back...I know what he would do.  He'd finish his 69 with the /6, then buy an e-body to drop that 440 in.    

Yes, I was going to build the 318 into a 325 hp engine.  I would have been happy with that if it turned out to be the original engine,  Im just torn... I'd dig driving a big block around...  I guess its value vs cost, whats the best bet for the buck?  Here is the car with engine getting pulled a couple weekends ago.

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Wheels, first of all, welcome aboard!!!  Secondly, if I were you, I'd stick with a small block combination.  I would go to big block, but being a high school student in a deprived area doesn't help out my empty pockets..  But if you have the extra cash, definitely step up to a big block: 440 at that.

Hey welcome aboard another thing you can do with the 318 is stroke that baby.................ok whoops that didnt' sound good but yeah anyways.....i ran across this site also one day don't have an eBod but once i started reading i was like what the heck i'm gonna join   just hope i aint to annoying  

Wheels, first of all, welcome aboard!!!  Secondly, if I were you, I'd stick with a small block combination.  I would go to big block, but being a high school student in a deprived area doesn't help out my empty pockets..  But if you have the extra cash, definitely step up to a big block: 440 at that.

Oooooh...   I remember those days.......  Thanks for the input SC73.  I havent purchased any aftermarket parts yet for the 318 except a set of built heads, roller rockers, and pushrods that I would resell.  So if I elect to go big, I will still buy an intake, carb and exhaust.
The car will be a nice driver not a show piece but driven on nice days.  

Say, does anyone know where to find the best deal on a quality graphite impregnated polyurethane bushing kit and suspension rebuild kit?