screw what MP said
just bore it to 4" first build with 360 crank
or 4" stroker
lots more piston choices
block will move around unless you have it heat cycled
you can bore more later
as said stronger walls make more power than a couple of cu in
If you already have a premium 340 crank then 4.040 std 340 first build
stroker is better even if your are road racing
hp is limited by heads and gear spread, you have to back off on the absolute hp to not bog on shifts, even at Bonneville which is really one long drag race
people ask what head
what rpm range do you want?