SteveA,
May be this would be easier if it was night time and your forward navigation lights are on (Red, Port and Green, Starboard). If the 34+ was ahead and to your right at a 90 degree angle, he has the “green light” to pass your bow. You need to pass to his stern (or stop). The opposite applies if there was a vessel approaching at 90 degrees to your Port (Red). You now have the right of way. When passing head to head you need to steer to Starboard (Right) to give a safe passing distance between both vessels, come to “Wake Speed” (within 150” of the approaching vessel). This is what you should do, or may be the best thing to do is when in doubt STOP.
With all this said do not trust that the other guy knows what he is supposed to do in any of these situations.
Have you taken the Boater Safety Course? It covers these situations quite well.
Here is a helpful link to the Boaters Guide of New Hampshire is has a good guide to vessel navigation. What applies at night applies during the day time.
http://www.boat-ed.com/nh/handbook/index.htm
WINNOCTURN