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

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

I agree....I think it's two fold. The EFI sure helps plus all these new advanced oil additive packages don't hurt either.
When we pulled the heads off our 198,*** miles 5.9 we bought for cheap, the cross hatches were plainly visible, no ridge at the top of the cylinder either. As you both said, FI and better oils are major contributors, and so is the overdrives. Durango's, Dakota's, and Ram's go down the road at 1400-1500 RPM's at 55 mph instead of 2200 RPM's like a 1980 D150. 600 RPM's every minutes is 36,000 less revolutions in 1 hr of travel at 55 mph. In just a 40 hrs of traveling is way over a million less revolutions. Now think of how many more revolutions the LA turns behind a 727 in a 150,*** miles vs the 5.2 with OD.