I agree with the timing 14-16 at idle with 34-36* total si about right .
You will not stave the engine even with a 2bbl , the carb tuned correctly will flow enough fule to match air flow , however 340 cam from the factory with an 800 cfm Thermoquad , so to maximze power I would look at 2 x the ci so 650 -750 is about right but it is all about tuning & the quality of the carb .
Proform , QF , Holley Hp series are all great carbs to work with