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

No IMO a 5.2 shouldn't be called a 318 if one is going to say "a 318 can beat a 340" its misleading. There are too many differences, compression ratio heads roller cam etc. I've said it before its like calling a 5.0 Ford a 302. Once tyou tear them both down side by side you'll see the differences, a set of magnum pushrods don't just drop into an LA engine.

A guy could always put a set of magnum heads on a 340 short block. As long as that’s not against the rules of course.