This where people go wrong with "No Replacement for Displacement" Air flow over time is what make HP along with efficiency minus friction. Going from a 340 to 360 ain't gonna give you anymore HP it will just take a few hundred rpm to accomplish the same output but a 360 will make more torque but still doesn't win cause if both are geared properly the torque to the ground will be about the same.
340 pros
Bigger bore, ability for more airflow= hp
Better bore to stroke and rod ratios and
Smaller main bearing= less friction= hp
Stock stroke ability to rev higher=hp
If built with same stroke more displacement and torque
Apparently lighter but don't see how
