You are correct, engines and steel wheel color changed during the 71 model year. Engines changed from orange to blue.(not turquoise) Steel wheels changed from body color to black.
The engine color change took place at the end of March to the beginning of April 1971. With an SPD of 118, your 340 should be painted orange. Also, if your car was equipped with plain steel wheels, they should be body color. The wheel color change happened at around the same time.