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The 360 torque converter (TC) is externally balanced. You can (thought it isn't ideal) reuse the TC from the 360 on a 318, if it is in good condition, by removing the two welded on weights, for the external balance, on the engine side of the converter. Grind them off very smoothly. Paint and go. If you fail to grind the weights of smoothly and carefully, your engine will be out of balance. Also, be aware that the 360 TC and the 318 TC are typically setup for different stall speeds and this is often characterized by different diamter TC on the same flywheel plate w/ ring gear pressed on.

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