2.94:1 gears

I've run many many different rears, so my answer is always to have the right gear at the right time. It's not always about blasting off with screaming tires. I myself am particularly fond of having the right amount of torque at from 30 to 40 mph.
For 2.94s and 27s, 30mph will be 2700 at zero slip, perhaps 10 to 12% more in the TC at WOT, so I'll guess 3000 rpm. So if your 340 has gangbusters torque there, then you may get tirespin. If not, then the torque-peak is coming up in milliseconds, so it will still be fun.
By 40 the Rs are up to 4000, and with that small cam you are now past the torque peak and climbing up the power curve, so, again, it will be fun. That 204* cam might power-peak around 4600, and hang on, to shift at 5000, at which time you might be doing 50ish mph. At the shift tho, the Rs will fall to 59% or 2950, which with a 340 is not looking like Rapid Transit anymore....... but do you care?
Not everybody has the same goals in mind.
I liked the 2.94s because I had a hi-torque 367, and a 4 speed. But I wanted more off the line. It turns out that more just meant mega-tirespin. So I concentrated on the 30 to 50 mph zone, For me, with a 3.09x3.55=10.97 starter gear, first gear is just to get me to second gear, where the fun is .
In that regard My TM (Torque-Multiplication) in second is currently 3.55x1.92=6.816 and the rpm at 30 is 2540; compared to you at 2.94x2.45x~1.1 in the TC=7.92 and the rpm will be about 2950 (in first)... So at 30 mph, you'll be in a better position than am I. Hopefully my cubes will RULE!, lol.
And who can argue that 65=2374 (zero-slip) isn't a great rpm to cruise at, with that 2400TC.
Time will tell.