I can’t see how a 232*@.050 cam would peak at 5400 in a 340 with rpm heads & manifold and headers........ unless there is something else holding it back........ like valvetrain stability.
Using the most basic airflow to cubic inch equation, an ootb rpm head flowing 240cfm has enough capacity to allow a 345” motor to peak at over 6600rpm(if everything else can keep up).
5400 seems really low to me.
The 360 I just tested had heads that flow less than ootb rpm heads, a manifold will less capacity than the an rpm, and a cam with way less lift than the OP’s cam.
The same formula shows the heads on the 360 flow enough to peak at just over 6k........ which is right about where it peaked.
