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

its easy to get to ten grand in a build or at leas the high side of five anyway why stop when you get to 7500 bucks? that isn't the time to start being cheap...I guess my point is and as was said 3 grand isn't much of a budget.

True. 3k isn't much of a budget unless you don't need much of an engine. It can be done and be better than the stocker. Just don't expect to win any match races and realize the most you could probably do on 3k is have a decent street engine to tow or cruise with.
True performance engine? Not on a 3k budget. That's the budget for cylinder heads.