Not an expert, I just couldn't sleep.

I would say no. The frame of the 340 is a scandium alloy: I understand a trace of this metal is introduced into the frame to strengthen it for magnum use. The 342 is not a scandium frame. The top strap of the 340 is substantially thicker top-to-bottom than that of the 342. This can be fun when buying tight-fitting holsters.

The 340 has a guard (proper term?) fitted into the frame above the b/c gap to decrease wear at this juncture from firing magnum ammo. Not present on the 342. Not visible to the naked eye is the collar fitted around the 340's yoke which fits into the front of the cylinder when assembled.
For me, there are enough differences and variations between the 2 guns to say "no" to this project, if solely on the basis of the scandium 340 frame.
Kaaskop49
Shield #5103
P.S. You mention practice with WCs while loading magnums for carry. Have you ever felt the difference in terms of recoil between the two power levels in a 12oz gun?