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I've had my 340 through three marriages three kids and six grandkids. Sure am glad I kept the 340 LOL

Looks like a fun project, one thing to keep in mind 340s are a short stroke motor that do their best work in light vehicles. That being said it would still be a really cool combo to put together but you may be able to buy a nicely built 360 for what you could get out of that 340 without touching...

20 over from the factory that's something new to me, what might dictate that?