Vahunter,I get very performance from Easton Redline 520's at the same draw length spec's as you but with a 50lb high performance recurve.
These are my target arrow and as such would be unsuitable for an all round target hunting type of arrow,but it does give an idea of how much your 340's are over spined for your setup.
I've set up many arrows for my new friends in archery in resent times and I belive even a heavier walled 500 will still be a little stiff for your set up without some extreame wheight foward,along with being left either full length or close to it.
I'm currently setting the guys with 50lb bows up with beman 500's with over 225 grains up front and at lest 29" in length for their 50lb bows.
This provides a good arrow wheight for both hunting and 3D work.
I Havn't set anybody up for a 40lb so I can't give exact recommendations for that,but I would try either a Carbonexpress 90 or Goldtips 1535 for that draw wheight.
In arrows you will probably find it quite hard to find an exceptable arrow wheight for hunting with your draw wheight.
Sorry if that's not as detailed as I'd/you'd like,,but yes your arrows are far to stiff for your bow.
Best of luck.