340 input (direction)

NO! and NO!
double click,Sorry
But since I'm wasting space anyway; here it comes.
Have you driven this car yet?
I mean just cuz your wife has a big belly doesn't mean she's pregnant!
Ok thanks for the info. Unless he used the actual stock pistons which would be rediculous. I know the majority of people would say run it, learn it, then mod it. But should I get it running on stock crap or do heads and ignition and fitech all before starting off

IMO you need to focus.
A) if the engine is on the stand, do some homework. Find the fill-volume and the ICA
B) if the engine is already in the car, quit worrying and drive it.

It's all in the combo. Yes, you can have a lot of fun with a low-compression carbureted 340-4speed, with the factory heads! The fastest way to a good time,on the street, is with TM;Torque Multiplication. Every gear size difference is nearly one cam size, with no accompanying compression loss.
For instance; 3.91s/3.23= plus 21% TM. That is huge,and it is everywhere in the rev range;as in bottom-end not traded away for top end.
So, if you are not that interested in hiway running.TM is a practical way to have fun on the street. Just don't over-do it, cuz then first gear ends up useless.

If you don't understand this, perhaps this will help;
say your current combo torque-peaks at 3600rpm, making 340ftlbs (233hp).
And say you had those 3.23 gears, and say 24 inch tall tires. Then at 3600rpm, your engine would be putting down 340x2.66x3.23= 2921ftlbs@30mph.
But say you swapped those 3.23s out for 3.91s. Now still at 3600, your engine will be putting down 340x2.66x3.91=3536 ftlbs, but now at 24.7mph!
So not only do you gain the 21%TM, but you also get it 21% earlier in the road-speed range!! This is like supercharging it.
You cannot duplicate this with a camshaft or compression or anything except cubic inches, or supercharging.And it would take in the neighborhood of 21% more cubes, or 21% more supercharged power, to match this result, all other things being equal.
So, again, it's all in the combo.
The trade off is hiway cruise rpm. It also jumps 21%, so from 65=2940, to 65=3559. And the only way around that is 21% overdrive,lol; So another gear .
And, friend, that is why Mustang 5.0s have more gears. TM.

And BTW,
don't look to fuel injection for more power, that ain't happening, at least not significant power. But EFI will get you driveability and perhaps economy. But gains over a sharp carb-tune will be minimal.
Don't look to big heads for power in first gear. You already have more power in first gear than the tires can handle. And in second, 65mph will be around 5300 with 3.55s, and 28 inch tires; so depending on the combo,very little gain to be had here. The gains will be after the tires stop spinning,and once the car is settled down for the long haul from 65 to maybe 106 mph, IF correctly geared.
So what I am saying is: if you only have so much many to spend, then, you need to spend it where it will give you the most excitement for your buck, for your intended useage. Excitement in this "hobby" can quickly consume an awful lot of money, if you spend it in the wrong place first.