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

Well the simple fact is most builds don't need every single bit of machine work. SOme people just like to do it, "because" and that's their choice. I've always erred on the "whatever the minimum is" kinda thinkin cause I've always had to out of necessity. I've run some ridiculously worn bores before. They dingle honed good. LOL Some of those engines ran great, too. A loose HP engine always runs good. Technology has come a long way though with things like modern oils and thin ring packs for even more reduced friction. I say do what you can afford with your engine and just have fun! It's a hobby. It's not worth going to a mental hospital over or making enemies on a car forum.