Just Purchased Virgin 340 Short - What to do with Pistons

416.....pffft, If I am to stroke it, I would make it a 426ci from Hughes.

But I purchased the short for $1K, and I am trying to keep my price low.

I wouldnt. For the few extra cubes you get worse rod ratio, more piston side loading and wear.
4 inch is plenty
Unless you need a tractor motor to plant corn and soy beans. If so, all bets are off.... lol