I have been doing a lot of reading on CFM to cubic inch needs. I ran across a formula that calculated theoretical CFM needed, but that didn't include the Volumetric Efficiency (VE) of the motor. Most good running street cars have a VE in the range of 80% - 85%. Higher performance cars might be 90% efficient. It is virtually impossible for a naturally aspirated engine to have a VE greater than 100%. That has to be factored in to get the true CFM need in the end.
The calculation factored in cubic inches times the preferred max RPM range then divided by a constant of 3456. I don't remember what the constant was driven by, but basically it was a calculation to convert the combination of cubes and RPM down to CFM. you then take that times the estimated VE of the engine. I think I get it, but may be wrong, but I think it is a conversion from cubic inches to cubic feet, then doubled because you have two full strokes for every compression stroke.
Anyways,.... For instance.....
340Cubic inches x 6000RPM / 3456 = 590.28 cfm (theoretical)
Take the theoretical cfm x VE (.85) to get actual required CFM, so,....
590.28 x .80 = 472.2 cfm
590.28 x .85 = 501.7 cfm
590.28 x .90 = 531.25 cfm
590.28 x .95 = 560.76 cfm
590.28 x 1.0 = 590.28 cfm
Like someone said above,... a 600 - 650 cfm carb would likely do what you want it to do. Bigger gets to be a waste. Keep in mind that fuel is drawn in by the velocity of the air rushing through the venturis of the carb. A larger carb has larger venturis, so with a given vacuum draw from the motor, the velocity of the air going through the bigger carb will be less, which will draw less fuel. It IS possible to run too large of a carb on a motor. Performance sucks, mileage sucks, and you will constantly be battling Air/fuel issues.
Bigger ISN'T always better.