The internal pump is either 11 or 17 gpm. I believe you can tell which via the serial number. If it were the crankshaft driven (external) pump, it would have been only 9 gpm as mine is. I'm planning on putting a 1701 IH loader on my 340U.
From what I understand, the 11 gpm pump should be suitable for that loader. You should be able to calculate roughly how fast the arms will raise the bucket by the diameter of the cylinders and the pump flowrate, and then compare that to what you are experiencing. Putting a pressure gauge in the line will also tell you how much pressure you're getting.
First thing I would do is familiarize yourself with the system thru this article. It is about a 460 IH, but the system is identical to the 340, and it is hands down the best description of the system I've found. You need to first of all find out what pressure your system is developing. If the control valve is clogged it may be internally bypassing, hence low pressure and flow.
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