Disappointing dyno results

Actually I believe I read somewhere 554 cfm. On a stock dual plane manifold, 4 cylinders would get 277 cfm. Definitely could take a bigger carb, but the path I would take is tune that carb and verify the timing is right and that includes making sure the distributor has the right advance curve in it.

Other than that I, I believe compression is suspect.
I agree. They made good power stock and this one cam wise and carburetor wise is close to stock. No reason it shouldn't make as much as a stock 340. Thing is, it might be. Put it on another dyno and it'll be different. lol The only real way is to put it on a drag strip.