I don't get that why wouldn't it? 340 comes with decent heads and cr the two main things you require in a good shortblock, everything else to get there is basically a bolt on.
We basically know you can get over 2hp per cfm, on a healthy street car it's more like 1.7-1.9 hp:cfm say 1.8 hp:cfm as an easy obtainable goal = 396 hp.