do 340 rods wear out?

Personally, if it's anything up to medium duty - the seasoned factory rods are fine. Like Skrews said, the price can be more money but for me it ends up almost a wash so if the plan doesn't mandate them (meaning power level, rpm, etc) then I'll use factory rods and ARP bolts. I've heard of guys running the pins as floating without bushings. Personally never tried it, and I don't think I'd do it that way - but I've heard of running them with no issues noted.
on the oil holes - no - not needed. Assuming you have the right wall finish for the rings you have, all you're doing is making life harder for them to clear the oil off the walls. Wall finish, piston design, ring materials and design, and understanding of oil control have come a long way in 60 years.