How much HP would you guess my 340 produces?

There must be a track near you. Weigh it, run it and plug the mph into the calculator. Get you close enough. Dyno’s can be stingy or very happy. Track is brutally honest. My car chassis dyno’ed at 343 RWHP and weighs 3445 with me in it. The calculators put me at 430 RWHP at 3445 lbs and 117 mph. I dyno’ed it for the shape of the curve and where. Not the number.
There is a strip about 40 miles away I could run at. When I use to own a Shelby Cobra replica years ago, I calculated my HP using the method you describe.