Is 20W-50 too heavy for my 340?

True, but not enough for me to worry about. I'd rather have really good oil pressure.
Oh and with the 5/20, Vixen has 75PSI cold at idle and about 50 hot at idle. AS SOON AS you blip the throttle it zings right up to 70-75 when hot. So if the clearances are good, oil grade won't really matter.