Extra hp out of my 340.

It's making the power of a stock 340. IMO, given the camshaft, it's got issues. Not sure where the tune is on it but I would expect another 20-30hp from a well built, well tuned 340 with that cam, those pistons, manifolds and full exhaust, and the associated work I'd assume was done to get it together.
I like the 3.23 stick combos with a 340. I think you're problem is lack of performance, not gearing. Just my opinion of course.