There's more to it than the 22 cu inch difference 318s have lousy heads...low compression etc. Sorry had to chime in saying the only difference is 22 cubes is a misstatement. When talking LA 318 vs 340 stock for stock.
I agree, but KB167 zero deck flat tops and 65cc closed chamber heads on a 318 remedy that low compression issue. If your gonna rebuild the teener, that's what you need to do to give it a pump gas friendly 9.7-1 ratio.