You've probably already thought of this, but since you have had two of these pumps both produce low pressure, have you tried a different gauge, just to be sure? Don't use a liquid filled gauge in the engine compartment as they read lower the warmer they get.
If you've already verified that it's not the gauge, and Edelbrock says that the pressure should be closer to 9 psi, check the eccentric. The maximum pressure produced is dependent on several factors including how far the arm is moved by the eccentric. If the eccentric is worn....
We have customers running in the 10's with our 1100HP mechanical pumps. If all else fails, we can make an 1100HP pump for your 340 via special order (takes about 2-3 weeks as we don't stock the arm). Check the graphs on this page:
http://www.robbmcperformance.com/products/amc1100.html