To be honest, If I built both, the 340 would win. It would be for the same car, so that takes out the variables. Since they are basically the same size and compression ratio, I would cam them the same. I would run 360 heads on the 318, but use the smaller 1.88 intake valves. Same intake, carb, windage tray, exhaust, distributor, and oil pan. It would be quick and fast in an A body, but always a bit slower than the 340. Can you make a 318 faster than a 340? Yes, but there are always trade offs and I put limitations on what I will put up with. I won't sell my 340 to put money into a 318. On the other hand, if I only had a 318 I would not hesitate to build it either.