And just because you got it you don't have to flaunt it(yea right),go easy and your mpg should'nt be to bad.
You can use the rest of your budget for other things,wheels,tires,dressup,performance goodies?
When I can afford it,its 440 time for me.
As ar as your original motor goes,it may just need bored,new pistons and rings,bearings.I would not scrap it,it may be good for a future build project.

 

have a rebuilt 318 line honed and bored 30 over and a small cam will part with for about 1000 have other parts to go with it

 

New 440.