I have used EtherNet/IP Class 1 I/O comms extensively with the M340 platform. You need the BMX NOC 0401 module, which supports both IOScanner/ModbusTCP and EtherNet/IP I/O communications (as you say - UDP based). For EtherNet/IP Class 1, It can be either a scanner or adapter, or both at the same time.
The older modules (NOE) support Global Data as a controller-to-controller communications protocol. I always liked it, but seemed to never be used as much as IOScanner (NOE module supports IOScanner/ModbusTCP as well). The newer modules don't have Global Data, so I don't know what the product roadmap is, but I doubt Global Data is on it.