Drag race 318.

I have a 318 sitting in my garage that was supposedly rebuilt when i bought it. Ide like to sink it into my '74 dodge dart sport, sometime down the road but i also want it to be a street/strip car. Any ideas on what i should do to where it will run fairly good times? Bore and stroke it? Im leaning towards that but i dont know if its necessary. Plus i dont want to spend an arm and a leg...  

If it is a fairly fresh rebuild I would not stroke it at this time. Spend the money on items such as headers, intake, carb, cam, and heads.
I will assume this is a LA style motor, so I would go with LA 340/360 heads machined .060. to increase compression with 1.88 intake valves 1.60 exhaust.
Air-gap intake, 650 holley Double pumper with annular discharge boosters with a 4 hole spacer.
1 5/8 headers.
MSD 6AL ign.
Comp. cams makes a solid cam with 236 duration cam @.050 .495 lift.  
This is likely the max cam you should run with a stock 318 bottom end. 1.6 roller rockers are a nice touch.
You will need a good converter, dynamic 9 1/2" work great approx 4000 stall.
Gear ratio in the 4.30 range with a clutch type posi and a set of 28x9 slicks to finish off the combo.
High 12's are likely once you have it all set up.
Good Luck Doc  

it came with an edelbrock performer intake, and i have a holley 600 cfm carb im rebuilding right now that i want to use on it.

The year is a '69 318 so ya its an LA engine. How much would getting those heads and doing all that increase compression?  

also, on the cylinder heads. is 2.020 for the intake valve diameter better (stronger, better compression?) then the 1.80? sorry i dont really know that much about cylinder heads.  

2.02 valve in a 318? Total waist of time unless it is a full blowen race motor.
Stick with the 1.88 Valves from a 360 for a street strip ride.
Performer intake is good. Machine the heads .040 to increase compression about 1. point. Use the thin head gaskets.
Concentrate on developing as much torque as you can.
Port & polish the heads, headman 1 5/8 headers, 268/480 lift cam, I would try the set up first with the 600 Holley, if it does not respond well step up to a 650 DP with a high stall converter, around 3800, 4.10 gears, shift at 5600 rpm and you should run some high 13's in street trim.
Doc  

call Herb at 302-376-8508. He may still have a 318 I had with mopar performance swirl port heads a good cam and some other goodies. (also a B&M supercharger kit at reasonable price ) Just tell him Barry told you to call. He's in Delaware, I'm in Maryland.