340 Gets Terrible Gas Mileage

Bore/stroke ratio has almost zero affect on fuel mileage.
By itself you might be correct.
But if a an engine is set up with a longer stroke, to yield a higher Dcr with a same cam, the greater cylinder pressure can result in fantastic fuel economy.
Whereas a low-compression 340 with a big cam, will have very low cylinder pressure, and so to make a given cruise-power, will require a larger throttle-opening, thus killing fuel economy.