Oil burn cloud on engine deceleration

Hmmmm. I've seen Holley's with a bad power valve drip fuel into the intake and wipe out the rings. Not sure what could be wrong with an eddy that would make it wash down the cylinder walls.

It's it's a matter of a touch up hone and rings, fixing the 340 is certainly cheaper.
Agreed it cheaper, but the amount of work is basically the same. Or at least that I can figure since I have never pulled an engine apart past the heads before.

I was actually just researching crate engines looking for a 440.