i had the R154 behind my 340 almost 5 years and swapped 2.5 years ago the engine to a 6.1. So I can say it works. Not the superbest for drag race ( 14.00 @ 170 km/h with a stock and carbed engine- Sorry, I am metric ) but on the autobahn killer ( 250 km/h ). Thanks to the 5th gear.
I re-drilled the flywheel to the new bolt circle. That was it. Peace of cake like you guys are saying :)