Today, dollar for dollar, is the 318 faster than the 340 ???

And is t that what this is all about?
Not everyone has your budget. What ever it is.
the "340 only" guys know that on a modest budget they are up a creek. But, to say the 318 gets the win in a race is a migraine they can't live with... and the truth is everyone here would prefer to start with the 340 if both engines were already in the garage.