Sure looks like the bottom of the keepers to me. Didn't someone state that in the begining? LOL Sure the motor should come apart. I would replace the pistons so that means new rods due to the fact their cheaper to buy then resize, Rods , pistons, bearings, Gasket kit, oil pump, heads are cheaper to buy then rebuild,
You probably have a good block and crank. And all the accessories needed to make a healthy 340. We just went down this road with a customers 340. He was a friend and we cut all corners to save money on the build. Good Edelbrock heads are $1300. price out Valves , Seats , Springs, Retainers, And then all the machine work to install those parts and resurface the heads. You'll get just as much into those heads and you still have 70's cast iron heads. Less then $4k everything new. That was with all the machine work and assembly.
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