I would sure think so. You might need to take the brass down to .338 in steps....maybe not. But, that is a pretty big squeeze. I am not sure about the neck thickness....depends on your chamber dimentions.
I baught a whole bunch of 340 wby casses for my 300 wby comp guns.....I have a .334 neck, so I neck turn no matter what, but a stock chamber....just size and shoot.
Now , on the technical side......you really don't need to worry about headspace issues, as the loads will headspace on the belt. BUT...I only reduce the neck size far enough down the neck to get a tight fit when closing the bolt...almost a crush fit...kind of like a faulse sholder when forming Dasher brass. I also do this when I reduce 6.5-47l brass to 6mm.....I only size to 6mm far enough down the neck so the bolt closes stiff.