340 hp capabilities?

What I ment by that statement was the fact that 95% of the time this motor won't be thrashed on, but I want the power to be available if need be. As for the drag racing part, it was just a simple statement that I may run a few passes on a Friday night.
I just wanted to make it clear this isn't a motor for a all out drag car, so the stresses would be a bit different then street driving.

Yes, but the point remains that you are still going to shift it fast under full power at some point, so you could just as well ask, "Exactly how many power shifts can I do with a 600 hp stroked 340?".

The answer to that is somewhere between none and a zillion.