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

I wouldn't build a 318 period, you can get a 360 core for the same money and be 38 cid ahead and better heads. I've had my 360 core for over 30 years and I'm betting it will never be built.
I agree the 5.9 is cheap and available. It's exactly why 360's aren't a part of the discussion. As the title states, 340 vs 318