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

And I'm in agreement. But even still, most will choose a 360. I wouldn't, simply because I would actually WANT to build a hot 318. ....but I have a hot slant 6, so I'm sick like that.
I believe anyone who has serious power making and racing on their mind will go 340-360LA or 5.9 magnum. Why? they will be thinking of the end result, and money will be no issue, dumping coin into a 318 that you know eventually you will pickup a 360 is wasted money in the end. Mopar Performance used to sell Crate engines for a reasonable price. not sure what they are up to now, but point is, save your money and get a drop in crate engine making 360 HP to start. There was an old saying that working guys I know used to say " I cant afford to spend money on junk" meaning you buy good and you buy what you want, that way you wont be buying it again later.