340 hp capabilities?

It sounds like you really want to push the limit of a stock block . If you want to be safe, build it to 550 hp with quality parts.
I like this train of thought. It really can be a simple build with moderate cam timing. Build the displacement big, add an excellent intake and well ported head with at least a 1-3/4 exhaust header tube if not stepped up afterwards from 1-3/4 - 1-7/8.

A small roller of about 236/240 intake @.05o is enough duration to get you there. Use as much lift as possible. Quality parts to be used only and well looked at and massaged to be used. Just don't bolt them on and run. There's good power hidden in the parts.