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

That's a big negatory. The 318 is a neat little motor, but will never touch the 340. I don't play the budget game. You get what you can afford.
I get the 340 crowd is proud. I'm pro-340 too, but I'm a realist. You stating "you don't play the budget game" is the same is saying the 340 is beat, realistically, if the dimes are around 3k.