70 340 would still have tall pistons, and would not work with this crank. If you used +.040 over 360 pistons (std 340 size), it would turn your high compression 340 to a stock 360 compression 367. Not really a step forward but it would have more torque. The theory behind this crank configuration is to use low compression 72-73 340 or any lo-po 273 2bbl or 318 piston that is down in the hole more than .060 to get these stock pistons up in the bore .135 higher. That is about +.060-.070 pop up above the deck. With todays range of head gaskets and the large chambers of a 360 head, this gets your compression up big time with nothing more than the crank change out and the dialing it in with head gasket thickness.