Like LX linked to... The MP 300hp crate engine was a production line Magnum 5.9L, with a 4bbl intake and carb and the conversion flex plate. So if you can find a running Magnum, stick an intake and carb on it, you're there. You could rebuild an 360. It will cost about the same as the 318. Regardless of the starting displacement - you don't need to replace heads. Stock port 318 heads will feed a 318 to 350hp with a camshaft. So the 300-325 hp deal is easy. The 360 will make more torque overall and at a lower rpm than any 318. That's about it.
I almost completely agree with this one... However... My experience has taught me to plan on replacing the heads. All three of the Magnum 5.9's I've pulled apart had cracked heads. It's an unfortunate "normal thing" for the magnum.
The other "normal thing" to fail for the Magnum 5.9 was the gasket around the pan on the keg-style stock mpfi intake. When that gasket fails the engine draws too much air in and runs lean... Causing predetonation. Causing a big ol' frown on my face.
The 5.9 that really surprised me came out of a wrecked 2002 Ram and only had 52,000 miles on it. I expected a perfect motor. It was a sweet deal for $600 back in 2007 (I pulled the engine, trans, transfer case, all wiring, fuel pump and TCU). But alas... Both heads were cracked and needed to be replaced.
So yeah... If you're considering using a Magnum 5.9 (by the way, I really do like this motor and you can usually pick them up cheap), do it! You will not regret it. Replace the heads with a good set of factory replacements from a reputable place (I actually like a place on e-Bay, out of Clearwater, Florida - Odessa CylinderHead) for around $620 (seriously that inexpensive for both heads) or upgrade to something better, depending on budget. Then, definitely replace that keg-style intake with a carb style intake (Hughes, Mopar Performance, Edelbrock, Chinese knockoff - Each one touts itself to outperform the others). If you really want something, then do the cam while you're in there. Then, drive and enjoy! It will fit right in where your 318 was.