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

That's an argument I've not heard. The lead was introduced for cooling and lubricating purposes, I do KNOW that. That's why we got hardened valve seats and stellite faced valves after the reduction and elimination of lead from gasoline.

All of the health reasons are all I've ever heard about why lead was removed. I'll not argue because I don't know of any other reasons.
Didn't lead help plug up catalytic converters ?