Matthew, simplest way to increase power in that K341 is to follow some of the steps from the Killer 301 write up.
Also shave the head, take the whole lip off. Make sure this is done on a machine shop grinder so it is perfectly flat!
Make sure you have a free flowing exhaust and same for the intake, I pulled with NO air filter.
Get a cam for an 18hp K361, or get one ground for a K361
Have your valves ground like a Nail head - remove a bunch of the material under the valve, then get the 3 angle ground done on the valves.
Look at the rules at your local pulling club! Make sure you are in compliance - and MAKE SURE YOU HAVE FUN!
Advance the timing by adjusting the points. hoepfully you have access to a dyno, you can easily play with the points gap and certainly increase power rather quickly. If your K341 a newer one with a built in starter? if so take off all the charging parts, the stator, etc. These things draw a little power from the Motor.
With the max speed set at 3800 or 3900rpms I had a K301 Dynos at 27hp a few years ago at, by removing the belt for starter generator I gained another 2hp to 29HP !!!
My K341 was dynoed at 34hp, then if fell on its face. I found my spark gap had changed(literally closed) for the spark plug had hit the exhaust valve. It was very late in the evening and these motors are rather loud with the straight exhaust, so we quit for the evening. The next day and the rest of that year I used 2 spark plug washers - but never got the motor back on the dyno. Never ran out of power either!
Every little bit helps! I've won by only a couple inches, I've taken 5th place being within 1 foot of 1st!
Read all the older posts about pulling - tips, tricks, etc. Ther are Sponsors at the top of this age who sell parts to help ya!
Lastly ask more questions! Someone will repsond with more knowledge than me!