First off, confirm again you are talking about a 340 Farmall, not a Utility. The steering is totally different. If you have nothing better for a reference, go to the CaseIH online Parts Store and look at the exploded parts diagram.
Do "find parts by model", search for "340", click on Farmall Tractor, click on "steering mechanism", click on 340 Farmall.
I've never worked on the steering on a 340, but I believe it is essentially like a 240. If so, the advice you have already gotten is all good, with one possible exception. I don't think there are any keys inside that mechanism. I think the worm gear is integral with the input shaft and the sector gear is splined to the output. There is a key where the universal joint goes onto the worm shaft. So check that before you take anything else apart. Otherwise, you still need to pull it apart as Gene described. If you have to replace gears, be aware that the tractors originally with a wide front had a different ratio than those with a narrow front. Replacement gears will have to match up properly so you may have to get both gears from a donor unit.
You will probably want to put in a new bottom seal when you reassemble.
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