About the 340
My 340 (ring and bearing '68 with stock everything except cam and headers) pegged the tach in my '73 Cuda (reads 7K, really about 6600) on several occasions. (not on purpose...lol) I shifted it at 6500 by that tach and dropped the clutch at 3500. I drove it daily fro 3 years, and ran 175hp NOS plate on it for the last 2. Amazing little engines really...lol. But you can save more than a few hundred going with a 360, and it will make better power where a street car needs it.