340 build help

I agree. Since we don't know what you intend to do with the car, we have to guess. But I'd do as advised above. If you could get a compression test before pulling it apart, that would help.

My machinist calls it a "farmer rebuild". New rings, bearings, gaskets and oil pump. Have them go through the heads and add hardened exhaust seats. A new cam with matching springs and a good timing set. Intake, carb and a decent set of headers. That should just about eat up your budget.