I don't have a 340, but two days on after your post and no replies, I thought anyway to convey my positive experience with a main sheet cam cleat modification.
From pic's and the owner's manual, the 340 has end-boom main sheet block and tackle attached to the arch. The main sheet control line runs forward through the boom to the gooseneck, down to the mast base, then via a deck organizer and the clutch leads back to the cabin top winch area next to the companionway.
Aside from your block and tackle on arch, and mine being located mid-boom, our main sheet routings are otherwise pretty much the same. (But I do have a main sheet dedicated winch on the cabin top.)
Per the attached pictures of my set-up, yes a cam cleat is an alternative. (Note of explanation about the first picture. I took it many years ago after I installed the cleat and moved the clutch and winch to get a better lead orientation than was originally stock. But the picture was snapped before I painted over the work to make "pretty" again. Anyway the before painting picture does serve to show the original location of the winch and clutch and a couple of other routing blocks installed by PO's ... whose purpose I could never figure out! Also since the picture was taken, I have replaced the old Spinlock clutch with a more modern type double clutch. Through the second clutch slot, I have routed my Cunningham control.)
With the mod, I can go either hand sheeting or with the winch if I want more tension. 99% of the time, I don't bother with the winch because pulling straight back on the sheet from behind the wheel affords great natural leverage = enough tension for normal recreational sailing. So the rope clutch stays open. If I want to sheet close to the center-line when the wind is blowing, I pinch into the wind a bit until the sail and boom luff and then pull. If I want to use the winch, then I close the rope clutch, remove the sheet from the cam cleat, wrap it around the winch, tension, unwind the sheet from the winch, put it back into the cam cleat and lead the line back to the helm. Then try to remember to open the clutch again so I can quickly release the main sheet from behind the wheel.
Snapping the sheet up and out of the the cam cleat when under high wind tension can take a few aggressive tries. (But I think a saw recently that there is a special type of cam cleat that is designed for easy release when under load.. don't remember the brand however.)
To be able to place/remove the sheet into/from the cam-cleat from your several feet away location behind the wheel, the cleat's location is important. 1) So you have a "down" angle to draw the line into the cleat's jaws, the cleat needs to be placed close to where the cabin top drops off to the vertical forward bulkhead of your cockpit area. 2) The cleat needs to be positioned to a achieve a a straight line between the clutch and your favored control position behind the wheel and so that pulling on it doesn't say route directly through your compass on your binnacle! For my boat, made this alignment so the straight pull on the sheet is achieved just to the port side of my wheel. And 3) You shouldn't have too much left or right "break angle" as the sheet comes out of the clutch since angle of more than just a few degrees would add noticeable friction (for hand tensioning anyway).
Finally in the pic of my pedestal, note the eye-bolt that I mounted on the pedestal guard. I flop my sheet over this so the sheet is always at hand.
As to your query about the area being reinforced in the area, other 340 owners or Hunter is your source. My boat (Hunter 36 1980) has an aluminum plate under in the entire area. So for me it was just drill and tap. But construction methods 20 years later may be very different. Of course you could drill small diameter hole (say 1/8") where you might decide to mount a cam cleat. After about 1/4" of so of going through fiberglass, you would either quickly punch through or start seeing aluminum shavings coming up.