My 340 in my 66 developed issues :-(

Pull the left valve cover and check out the valve springs and rockers. If everything looks ok pull the coil wire and crank it over while watching the valves. If all looks well do a compression check. A look at the plugs will most likely show you the problem cylinder.

Thanks, everything looks good under the cover, haven't had a chance to pull the plugs yet.. Will keep all posted of this and what's found.