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

No.
You are given a choice to BUY one or the other at current market values of a core, long or short block. Then and only then you subtract the cost of the engine block from the $3000.
What you have left over is what you can spend for ANY parts and machining.
No parts can be from your stash. No FREE parts from friends. Every part must be open sourced 'Fair Market' Price that everyone else gets.

Seem the average price of a 318 long block runs $150. Average price of a 340 long block runs around $1000. So the 318 now gets a $850 head start.
I have seen a couple of these 318 build articles and there are a few suspicious parts gotten from a friend of the build article or whatever... That always kind of threw me off...
It's almost kind of like saying kind of like I started with maybe that you get a fresh 318 and a fresh 340 but when you get the 318 you get an extra $850?...