340 General Rebuild Info- Cam Recommendations
While you are waiting to do your clutch, I'd suggest you pull your distributor. Have the mechanical advance checked by an old school speed shop that can run it on a distributor machine. For your engine, I'd say you want the timing to start coming in around 1000 RPM. I will also assume you will put 15* of static (base) timing into your car. You want 36 to 38 total degrees of timing, so that means your distributor should add about 22* of crank timing (15* + 22* = 37*). 22* of crank timing is 11* of distributor timing. You want this timing to come in fully by around 3000 RPM. These are rough numbers but should get your distributor to work pretty well.
So bottom line: bring your distributor in to someone that knows how to test and modify it. Have it set up so it has 11* of (distributor) advance (or 22* of crank advance), starting at 1000 RPM and "all in" by 3000 RPM. This should give you a pretty peppy and responsive distributor.
Good Luck!