Are ARP head bolts really needed for a mild build?

Personally I wouldn't call your 340 a mild build, either way the ARP's are cheap insurance considering you don't know how old the existing bolts are or whether they've been stretched one to many times. Nothing lasts forever IMO. For 7K I'd be replacing the main bearing and con rod bolting also, same reason.

That's true, but they are non stretch bolts, heck they are not even brought close to the yield with factory torque specs. I'm running h beams with ARP hardware, but i'm going to use the factory main bearing caps bolts.