No in my case the chest piece is a reduction of ~.20% on both healing/hots and damage/dots compared to the Genta 320 chest. I decided to humor the idea and check if remelding entirely would help make the 340 piece better than the 320 and couldn't make it work (there's no place on my gear to make up for the loss of 244 crit since all my pieces are more or less capped in crit already).
Now I'm not claiming a 320 item of gear is better than all 340, in this case the Genji 340 chest is superior. It's just that the 340 Allagan chest isn't.
And I've had similar experiences with quite a few other pieces as well.
PS: you do get added VIT and PIE so it's up to the player's discretion whether or not that outweighs the slight hit in performance + the 825 creation + twine. But for me it doesn't.
