Stroking a 340

A couple of questions for you engine builders.

I am getting ready to put a 340 into my Duster and I just happen to have a good 360 crank that is doing nothing. I believe all I have to do is cut the journals down to 340 size and it's a direct bolt in. Right?

I know this probably wouldn't be worth it if I had to buy a crank, but I already have it so, why not?

What would the CID end up being and what are the pro's and con's of this?