If your 40-year old carb is a Thermoquad, a new carb won't be an improvement, just a different carb. The phenolic resin center section of the carb would warp due to overheating, not fuel. Overtorquing fasteners into the resin would blow out the bosses, and J-B Weld used to be included in rebuild kits to repair this common problem. The TQ is a very adjustable carb, and can be made to run as well as any carb currently available. Its spreadbore design and HUGE secondaries make it a wonderful carb on a 340, allowing gas-sipping economy and killer response and power production. Just my two cents. If you stay with the TQ, re-bush the throttle shafts.