New to V8's. 340 or 383?

save the 340s for restorers

Exactly. If you HAVE to have a 340, then it's going to cost you. It's your choice. Build a good, solid running 360 for a $2500 and it'll put a smile on your face. For $350, I think this would be a good place to start.

360 w/J heads & Edelbrock intake

Keep in mind, either way you go, you're going to need motor mounts, new tranny/mount/driveshaft, bigger radiator, new exhaust, etc. Stuff adds up quick.