Damned if I wouldn't build it back STONE stock, but blueprinted to spec. The 71 340 was perhaps the best one. It would be a very well mannered driver that would haul *** and last a long time. But again, decide what YOU want and do it. It's your car.
If your keeping stock parts I would sent everything to a good shop and have them clean it up and put new bearings in it and maybe check the balance then restore it to stock specs. If I had a street 340 that would be my route.