Stall Converter
Torque or stall converters multiply torque. When you start building up a motor your moving the power band up in the RPM range. Adding a "looser" torque converter help the motor get into your power band faster by "flashing" over the lower rpms.
For an example my car has a 8" torque converter that will "stall" to 3000 rpms and "flash" to 4000 rpms. This helps the motor pull harder because it doesnt need to rev from 1000rpms to 4000rpms. It starts pulling from 4000rpms were the motor is making more power. Thats very helpfull if your using a larger then stock cam.
A loose converter is one that has a higher stall speed. A tight converter is one that stalls lower. Even though my converter is looser then stock its considered tight for an 8" wich often stall as high as 5500rpms.
Stall speed is the amount of RPMs a converter will let the motor rev to against the brakes without spinning the tires. Hold the brakes hard and bring the RPMs up slowly without the tires spinning. thats your stall speed. My will stall to over 3000rpms. Sticky tires help.
Flash is how high the converter will let the RPMs jump when you nail it. The best way to check a converters flash rpms requires a full manual valve body. Place the trans in third and while rolling at about 10 or 15mph nail the throttle and watch were the RPMs jump to. Mine flashes around 4000-4200rpms.
How big of a cam do you have ? Even the stock 340 cam will like more converter then stock.