Might want to research the chamber and how much it will change compression ratio also. You may to high a compression.
4.0 is around 244 cubic inches. If you want a lot less power. It would be OK if you had a 300 with aluminum heads, and ported and used larger valves.
That looks to be the late Rover head. It's a decent head and could be run on a 340 but... It will flow about the same as an aluminum 300 head. We've seen some flow testing that seems to indicate the differences between the two might be pretty minimal despite the valve size differences. I ran a set of the aluminum 300 heads on a 340 but had a blower making 5 psi. Power was good. CR will be considerably higher but might work out OK if you run E85 fuel or a cam with a low DCR. Jim
The 340 heads flow 15% more at .400” lift and a cut in stone rule of performance is to never trade off breathing for compression.
I wouldn't be afraid to use those heads if the car is mostly a grocery getter. The torque will remain mostly unchanged. If it pings you might have to switch to E85. Jim