About the 340
The engine will spin/rev to it's limits via 3 items. You can spin past the max point, but theres no point in doing so, and do it at your own risk of engine damage.
1. The engine will make power up to a certain point (Combo dependent) and then the power falls off. Even though you press the go pedal and it will pull hard, the engine is past peak.
2. Valve spring limits. After the spring has reached it's limit on controling the valve.
3. Oiling system has limits. You can spin the engine faster, but then theres a lack of oil. Presto, damaged engine.
If, in example, your engine makes peal HP at 5800 rpm, theres no pint in pressing onward unless your crossing the finish line or getting to your wedding, baby's birth or makeing a mad get away from a bank robbery.
The valve spring can control the valves only so much. After that point, the valves will ethier and or bounce when the hit the valve seat or the valve spring can not keep everything tight and the lifter starts to jump like a skier of a ramp when the lifter goes over the top of the cam. This is called valve float. Power drops like a rock.
The stock oiling system is fine for most performance engines. Perhaps a hi-volume oil pump to help and a deep pan for it as well. But the system should be upgraded if your going past 6500 rpm's.
Most engines will peak around 6000 or so. Give or take 500 rpm. combo dependent again.