unless you can get parts for dirt cheap, i don't think that you'll be able to get that kind of power out of that motor for that price. you might have to spend a little more.

 

If you go with a 360* filter with air lid then maybe 20-25 hp. I'd get a free flow, 3 way cat and a computer programmer/chip also. Yous might be able to get up to 40-50 HP then.

Do you just want the power to "get up and go"? A great upgrade is posi in the rear axle. Having both tires getting power is a lot better than just one. I couldn't believe the difference it made in my 01 dakota with a V6, 5 spd, 2wd with 255/65/16 tires (I think its about an 8.5" contact patch)and all i had was an air intake and flowmaster muffler. When I took it out, I noticed a "drop", if you will, in power when towing, taking off, and going up hills.

 

i'd start off with what you wanted, drive it around for a little bit. then if you want a little more, look into getting a trac-loc or power-loc for the rear axle in your truck. It won't add power, but it will help out with getting your truck to move when you take off and as you are cruising along.

 

A mini spool will keep your tires spinning at the same speed as each other no matter what. Plus you will go through tires in the back faster as you will feel when you go around a corner that the back tires will chirp. Great for a wheeling rig or a vehicle that you drive once in a while. Not so hot for a daily driver.

You can install a mild cam with what you plan to put on and that will increase your HP and torque gains. you just have to find one that fits into your RPM power range and driving RPM range.

 

a 92 318 should be a magnum motor, I would keep it fuel injected. easier starts, runs better, better fuel economy, etc. you should go with a little larger injector depending on the size cam you go with if you get one. a throttle body spacer is useless in my opinion. the intake is a dome so it won't really help out that much.

if your planning on going this far, your looking at spending more than the $500 you wanted to at the beginning.

 

cam, injectors, headers, free flow cat, hooker max flow muffler, 360* air filter with lid and you should be good. I'd still look into getting a posi unit for the rear axle before you get a cam and injectors though. installing posi is easier and faster than a cam.

 

if you can post a pick of the axle on here or email it to me i can let you know.

 

That is an 8.25 rear axle. As far as the number of injectors you have 8 . I'm not sure the size of them though. A dealer might be able to tell you if the 360 injectors are a little larger. That would be a good upgrade without having to get a larger cam, as long as the injectors between a 318 and 360 are different.

 

230 Hp and 300 lb-ft. Your year was the first year that the macnum came out.

http://en.wikipedia.org/wiki/Chrysler_LA_engine#318_V8

 

probably closer to 275-280. that is still a good amount of power from a magnum 318 for a dakota.