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

Just because a head will support a determined horsepower doesn't make it so.
There are other variables needed to produce a number.
It would be nice if you included the other components that would result to a 400 HP 5.2 magnum.
I'm not saying it can't be done, but I believe the $ 3000 budget is the limiting factor.

Hold first gear out till she misses..... :D