After a little thought, you can, of course, give it a go. give it shot. just replace the minimal amount of parts, with the block still in the car, and see what happens. if it goes wrong, you're only out the cost of parts and your labor.
some may say "it's just a 318 engine, nothing to get all uptight, about" and they are right. if a complete rebuild is in order, it may be less effort and cost to just find a used 318 engine. they are (or once were) pretty darn plentiful, and considered "junk" compared to the 340, 440, and 426 engines in the e-body.