HOT 340 Engine rebirth....... maybe!!!!
The new piston deal looks like a better option. That cam is large, for a everyday ride. I've run cams that large in the street before. There best as a weekend cruiser deal.
You'll need to port the hedswell for best result.
The KB107 flat top will work with that cam. It'll give you 9.8-1 w/ a 72 cc head. You'll need 91 - 93 octane to make it happy for the street.
Speaking of which, if you want to run the street with this;
I'd do 4.10's at the min. for a max street effort, shy of tubbing the car, I'd look at 4.30's at a max. Mini tube and fat tires, 4.56's.
This set up would work well with a M-1 single or Holley strip Dom and large tube headers. You can get more than 450 HP with good head work.