Is my 340 Overcarbed? Avg 5-6 MPG

Did you change the power valve? As soon as you hit the gas that thing is opening. Once you figure the initial/total out, you need to get the correct power valve in there. You're leaning out the primaries and you may not need to. You're already too lean under power and too rich under cruise. Going to smaller jets will exacerbate your problem. Once the timing's set, put the car in gear and check vacuum. If it idles at 8 in. of vacuum, you should have a 3.5 or 4.5 power valve in there. At the very least, check your cruise vacuum. If you are cruising at 6.5 inches of vacuum or less, your power valve is opening.

+1000 too much gas at cruise, not enough at WOT! Timing and power valves trust us smartken22 O:)

In fact I think once the initial is bumped up to where it should be you may have enough vacuum that your current PV will start to work properly