Dear All, terribly sorry for the delay in up-dating my thread here - been ill but I have been tinkering with the 340.
For Steve P: Steve I thought that I had sent you a PM reply but I can't find it in my sent messages - so maybe I messed it up & it didn't get sent. I'm not good at this sort of thing but I do apologise. I will try again. In the meantime here is my update.
For Dean of Manchester: Hello Dean, I hope you find this update helpful. Feel free to respond with any questions. I don't know how to upload photos. I have a smartphone so I will try to learn how to do it. I did see a couple of 340s for breaking online the other day - I think one was "up north" - I'll try & find the listings again & post them up for you in this thread.
Note to all: I have had a few responses to my original posting & in the meantime have got the 340 started (see below) - so I've decided to hold off from scrapping her until the spring at least. I was going to scrap her because I was convinced that she had seized - but I underestimated the Mighty 340. I feel that I need to give Mania members more time & better weather to weigh things up and I've enjoyed working on her again.
Please note, this car is not free - I do want a few quid for her. It would be much easier & quicker for me to scrap her for £100+ but I am genuinely trying to find her a home. Since I got her started I think the right enthusiast could get her back on the road. I mean if I can get a car started after 7 years - believe me I am useless, I don't even understand how cars work, I just read the manual & ask 300 Mania for help - then a decent DIY mechanic should have no trouble. If I could weld I would fix her up myself - although I would need to learn about brakes from scratch!!
Here is my update - I hope you find it helpful. (Joke warning: all of my school reports used to say that I was overly meticulous and, even though I say it myself, I sure know how to clean a battery earth strap!
340 1.7cc, B172 engine update Part I:
1) Fitted a cleaned set of spark plugs -old plugs clean but I broke one on removal
2) Cleaned rotor arm but couldn't pull it off the distributor
3) Cleaned the HT leads; two of the metal connectors were dirty & two small metal bits were broken resulting in quite a loose connection
4) Two of the plug end HT leads rubber connectors are bent & make for a loose connection on plug 4
5) Cleaned distributor cap - very fouled with crystalline deposits
6) Cleaned battery earth strap & all connections to earth at battery & to engine block
7) Petrol seemed to have evaporated (over the last 7 years!!) so put in a 5.5 litre jerry can

Heavy crystalline deposits around thermostat / hose inlet (just below distributor); removed rubber hose; end of hose & thermostat housing inlet plugged full of presumably crystallised coolant; cleaned this out as best I could & drained out coolant from radiator & refilled coolant system.
Part II:
1) Turned engine manually with ratchet - so engine is not seized
2) Had ignition lights on dash after a battery charge & electrics were working
3) Engine turned but weakly so I knew it wasn't going to start
Part III:
1) Got my old Fiesta (also off the road!) working, pulled her out of the garage & connected jump leads to the 340
2) 340 turned over strongly but didn't fire - but I knew I was on to something!
3) Turned choke on Fiesta up to very high revs - 340 FIRED UP FOR FIRST TIME IN 7 YEARS!!!
4) Kept her going for about 25 minutes but couldn't get her idling without choke (see "Things Wrong with 340" below).
The day I got her started was 28th December 2014. According to my records the last petrol I put into her, with her on the road, was 25th October 2007. Her last tax expired 30th November 2007; so it's a definite 7 years without starting / use.
THINGS WRONG WITH 340:
Ok, this list is not exhaustive and not necessarily correct or incorrect. It's just a preliminary "what I think is wrong" list. I haven't jacked her up for a detailed inspection. Also please note, I am not a mechanic - I am an OCD hoarder!!
1) Choke cable is broken. A thief tried to steal the 340 a couple of years ago from my drive. He ripped off the panel below the steering wheel & snapped the plastic bit of the choke cable where it attaches to the steering section - sort of parallel to where the ignition is on the other side of the steering wheel. I only realised when I started tinkering recently that the thief must have snapped off the other end of the choke cable that attaches to the carb. I have tried looking for a choke cable but can't find one - even online.
2) Engine not idling properly. When I got the car started, because the choke cable is broken, I manually moved the choke on the carb. When I fully closed the choke / carb flap, the engine started to stall; the engine was warm, the coolant radiator had kicked in, so ideally it should have idled without choke.
I'm not happy with how the air filter housing is sitting on the top of the carb; I'm not sure that the three bolts are aligned properly in terms of their respective heights - so I am guessing that there is an air leak there - this could account for the non-idling without choke. I replaced the original carb in May 2006 & it passed the MOT emissions & functioned perfectly until I took the car off the road in Oct/Nov 2007
3) Reverse lights not working. Cleaned connections, fuse ok but no joy - there is some rust / moisture just above the delivering wiring to those lights (nearside rear) but the strange thing is is that the other lights in that unit (side light, brake light & indicator) are working so for me the delivery wiring is sound.
4) Electric windows (front doors only) not working - have not investigated
5) want to remove thermostat / thermostat housing - due to all the coolant gunk that was there (see Part I no 8 above) - to test the thermostat operation as well - but after cleaning, draining & then the radiator fan kicking in when I got it warmed up, I am thinking that the coolant was able to move around the engine without hindrance.
6) There is an oil leak, high up on the driver's side of the engine block. Cleaned some old hardened oil away but can't identify site of the leak as yet.
7) The battery housing plate is badly rusted at the coolant expansion tank end. Pretty sure that's an MOT fail. I have been monitoring the coolant level closely & so far I believe that the coolant expansion tank is sound / not leaking.

Driver's side, rear passenger door sill rusted - maybe 3-4" rust hole developing - didn't want to prod it too much as yet. Again, pretty sure that's an MOT fail
9) There is rust above the rear light units - both sides - visible from within the boot. Did not want to investigate as yet.
10) Bottom of radiator looks a bit rusty but not leaking & coolant system seemed to kick in fine. Still monitoring coolant.
11) Engine bay looks a bit rusty - can't see any obvious rust holes - hopefully fairly surface rust that can be repaired
12) All four doors are badly rusted. I know why. The weather strips when I bought the car were bodged. Water gets down past the "weather strips" & into the doors. They could be welded / repaired but water tight weather strips would be required in order to stop it happening again. I haven't been able to find weather strips so far.
13) Rust bubbles (could be bad rust underneath?) on both sides near the wing mirrors; my Dad bodged the nearside & that has held up ok
14) Rust bubbles near the bottom corners of the front windscreen - don't know what that area is called
15) A few chips on the front windscreen - same chips didn't cause fail on the last MOT I got for the 340 (in 2006!!)
16) At least 3 out of 5 tyres are MOT failures I think; they've just wizened & cracked with the car sat idle for 7 years. They are all still holding air though
17) Not sure but I think the nearside front spring has gone; the car looks lower than on the driver's side
Condition Summary:
The sills look good and, as far as I can see, the underbody is good; rear, roof, bonnet & wings all look pretty good, as does petrol tank. All glass is good apart from windscreen chips but didn't fail 2006 MOT. The electrics all seem to work apart from the electric windows, reverse lights & central locking. Handbrake seems good but I would imagine that, after 7 years with no use, the entire brake system would need a major overhaul - new pipes, discs, pads etc. Can't be sure. The brake pedal seems to function normally. I've never worked on brakes - it's one of my weakest areas of knowledge.
Ok, can't think of anything more. I will try to see how you upload photos - I have no idea!
Salutations to all, from Volvopandy.