292H Comp Cam, reusable?? How to tell.

Visual inspection is step 1. Can't quite see your cam from here without pix.....LOL

BTW.. L2316's would be a compression upgrade for a late model 340. What I don't know is the stock piston weight of the late 340 pistons, that were balanced with the cast crank and the weighted damper and TC. So IMHO, I'd examine the crank and damper very closely to see if the crank is cast or forged and if the damper and tC/flexplate are weighted (i.e., intentionally imbalanced to help add external balance weight to the cast crank).

And of course, measure the bores carefully to see if the block is usable as is. What are you going to do about the sloppy guides?