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

Ok I'll go along with the better ring package. That for sure is a plus. The EFI thing a maybe, because carburetors aren't dead......yet. Some people still run um. Machining more accurate? I've never seen any evidence of it, but it wouldn't surprise me.
I just mentioned the EFI because it is a lot of the reason you see these things with pristine bores, making them a excellent choice for a budget 318 build