I just wanted to bring this thread back up to the top, as I am curious what you have decided. Dave has some great points.
Opinions, well everyone has one, and here's mine
. I would stick with the 340. Wonderful engine, revs like there's no tomorrow, and even with the stock displacement you can build a very streetable 400+hp and 400ft/lb. There are SOOOOO many factors to consider when building an engine, that it's nearly impossible to cover all of them here. I would start by prepping the block (hot tank or magnaflux, deburr, bore, hone, align-bore, chamfer, and deck). Run a tap through all threaded holes, check all water passages and oil passages for blockage, then clean, clean, clean, and re-clean! Don't forget to blow out all nooks and crannies with an air hose.
I would rework the old crank (magnaflux, chamfer, polish, and balance) if it magnaflux's ok. Scat 4340 forged crank, if your old one is bad. New rods (I like the Scat 4340 forged for the price, Manley 4340 if your wallet is fat this month), and forged flattops (Ross or SRP...TRW's are unnecessarily heavy IMHO). Speed-Pro moly rings, Clevite 77 bearings, and Fel-Pro gaskets. If money permits, Edelbrock's RPM heads are great. The 63cc chamber with the SRP flattops yield a static comp. of approx. 10.1-1. Edelbrock RPM intake, Edelbrock 750 carb (#1407), MPP elec. conversion, 1-3/4" headers (TTI's fit the best, but $$), new timing set, new oil pump and pickup (braze the pickup to the pump), new fuel and water pumps, and good open element air cleaner.
Cam? It's the biggest choice you'll make. The cam needs to match well with rear gears, torque convertor (if it's an auto.), and intake. I would go with a good all-around 3.55 gear, with a 2200 stall convertor, and a CompCam Magnum 270H or XE274H. The main difference in these two cams, as I see it, is the XE's have a broader RPM range (good), but also a quicker ramp up (bad, as they could wear out more quickly). An Edelbrock RPM cam would be a good match with the rest of the components, but I think they're a little heavy on duration for my taste. Good if you like that "rumpty-rump" sound for the car shows. Don't forget to degree the cam once it's installed.
Whew! Ok, I'm done now!
That should be enough to keep you working those overtime hours through the winter!
Kevin