1971 340's True HP?

Just for comparison do you know the primary sizes of the Carter 2 barrels on a 70 318?

Yes I would.

Carter BBD-4721S {M/T}
Carter BBD-4722S {A/T}

Primary ........ 1 7/16" {1.437"} ...... Venturi > 1 3/16" {1.186"}

Flow Rating .......... 285 CFM's

Without a doubt, the biggest 'draw-back' on the 318.