Today, dollar for dollar, is the 318 faster than the 340 ???

Why not throw a 360 in the mix?
Because a 5.9 magnum can be bought in good working order for about 300 bucks if one looks. I think this would give it a clear advantage. That's why it's 340 vs 318, is the 318 faster to a point.... that point being a modest budget and you have to buy a 340 or take the free 318.