I don't quite get this?? Why was it a "scary experience"/ "Russian roulette"??
The first engine I took apart and put back together again.....that ran....was the 389 in my brothers 65 GTO, I was a Junior in High school, in Auto shop. Simple ring and bearing job, first valve job, did a cam upgrade, haven't the slightest recollection of what the cam was I put in, bought it thru the local NAPA store, they gave the school a discount, it came with 7000 rpm hydraulic lifters. Once I got my license so I could legally drive, I tested that specification regularly. It even survived an episode of "watch this.........." where I came close to 8000rpm; it got a funny sound, I looked in the rear view mirror for pieces on the ground.....nothing, I goosed the throttle, the tack still moved, no funny sounds; I kept driving. I was aware of Pontiac's reputation for blowing up, now at this point, I kinda wonder if it was more of an Urban legend like so many things now.
340's cost what they do, because people will pay, pure and simple. For a restoration it almost makes sense, almost. Since it's not likely to be the original engine to the car, it begs the question, WHY?? The original engine met it's demise in some form of street combat "back in the day", or "watch this........" as the owner showed off about how far he could wind his 340.
Capitalism at it's ugly best.