I'm sorry, but since I don't own a 34t pinion I'm not able to check.
Looking at the space left between chassis and 32t pinion I'd say it fits, but I wouldn't say that I'm sure with a gun pointing at my head
Larger problem would be the mounting position to get the needed space.

Maybe a 30t pinion module 0.6 in mounting position 'J' in combination with a 64t spur is the better way to try - that would end up in a 5.55 FDR. Only thing is I'm not sure if there's a 30t m0.6 pinion is available in steel...