hi, the rod/ stroke ratio is better in the 340. the ratio is 1.85. the 360 is 1.71.
when the crank is at 90 degrees to the bore, the 360 rod angle is more compared to the 340. more angle pushes harder on the cylinder wall, causes more friction. the 340 will take more RPM ever the 360. the bore to stroke ratio is better in the 340. larger bore with shorter stroke. both are good motors, depends on what you prefer. personally, I like the 340, it's a tough motor, makes very good power! In running a stocker, have found that a cam profile that works in a 360 doesn't work very well in a 340.