New life for an old 340 (stock stroke)

OK, well that 701 cam's duration is short enough that the dynamic CR will be pushing 8:1, and with that 91 octane you have out there, will probably be prone to detonate. So that is why I looked at the 702 as the smallest cam to use. With good 'area under the curve, those cams have the potential to pack more mixture in, and that adds to the likelihood to detonate. Open chamber heads, no quench gap, and iron head material also push towards that condition. So proceed with caution; I'd personally step up to to the 702 and get a few more hundred RPM's on the top end and get a bit more detonation margin. The low RPM torque will still be quite good.

If you are using that kit with that 701 cam, then some steps ought to be taken to lower static CR a tad. If you use the standard Felpro head gaskets which are .051" thick then it keeps the DCR a hair below 8. Seems workable to me. You just need to be careful and not use not quite as much total ignition advance that is used for lower compression engines, and bring it in slowly vs RPM's. An AFR meter might be a good thing for your setup. Good luck with it!