Not sure what the thought is... if lighter pistons are put in, it needs to be rebalanced.
Are you thinking that the external balance weights can be done away with? I.e., go to neutral balance damper and flywheel/flexplate? For the cast 340, there is some chance. 70aarcuda has reported coming pretty close to neutral balance with the cast 360 cranks with the very lightest pistons and rods, and it would be easier to reach that point with the cast 340 since the external imbalance weight is a lot less.