Close Chamber or Open Chamber Heads?

Most guys buy the closed chambered heads and then adjust the head gasket thickness to get the proper "piston to head" clearance. Stock early 340's tend to have pistons protruding somewhat above the deck, but you really have to measure it after all the machining is done at mock up.

As far as power from your "paper" combo.......A solid 400hp would satisfy me.......As long as you're willing to gear it right & use the proper torque converter?

This ...
, a good size cam (.520ish on lift) ..
What came options are open to you? Hydraulic flat lifter,solid flat tappet/ hydraulic/solid roller ? For out of the box Edelbrocks & 500 ponies camshaft will need to be more aggressive. A zero deck flat top piston ,63 c.c. Edelbrock head is best. Professional head assembly /porting brings the price and reliability,on the heads up. The expected here: A good hot rod machinist, will match those heads ,with a correct can. It's that experience your paying for. The reliability & street abilities, make it worth it. Sorry about the long post.