Use a table ban saw to hack off the 340 piston crown .

You scared me with the .135" figure. Maybe I need the forged 3.79" crank. Price difference is bout $200. The way I figure, that leaves about .67" that needs to be dealt with. I am figuring just mill that goofy ring that's on top of the stock piston then use the appropriate gasket to put me home at tdc flush with the deck or "close" hallelujah.
You need to consider what's happening in the bottom of the engine.... If the piston is being pushed .200 higher then it's also pulled .200 lower, under the piston is the crankshaft.... You don't want those two things to meet....