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

I completely get it, really. But it leaves out any inkling of common sense. Why do you think (most) guys prefer a 440 over a 383?

If there was one 340 left in the world, there were zero 360's and 318's were sitting piled in every garage, then yes the 318 is the way to go for a 3k budget. But's that far from the real world.

In your scenario I'd tell the kid to look for a 360 core while continuing to save his lunch money. If he's going to be a true gear head he'll be much happier in the long run. Because when the bug bites he'll want to upgrade, maybe a larger cam or headers , better heads. The 360 is just easier to get the power out of. and why shoot your self in the foot from the start?

If he just wants to have a old car to drive around, it doesn't matter what powers it.
but...... some still advise finding a 340 here on FABO. That's why I used the scenario.