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

And that's really generic, at best.. Somebody could still be running the 3800 stall from GER and spend 1250 ft of the 1320 just revving and not going... been there and done that, got the T-shirt !!! LOL. Changed converters and the mph went up and the ET came down. In my case, I didn't add a stitch of hp, and my mph went up.
I respectfully disagree, if you changed converters and picked up mph, it was because of a junk converter. A junk converter kills mph. Even the old mopar direct connection bibles use the trap speed as a MPH indicator, as does the moroso calculator. Its nothing new, it is physics. A lot of newbies think ET shows HP, but that is untrue.