Which Iin and Iout? I believe MC34063 can be used for 3.3 to 5V boost, but efficiency will be low. Input current for Iout of 350 mA hardly below 0.7 to 0.8 A.-there are people who have posted that they have used the MC34063 chip with the same Vin and Vout at 300/350mA.
3V forward current is not unusual for a 350mA LED. Are you sure it is specified to be 5V@350mA.Right now I am testing with a 350mA LED at the output, and the voltage is dropping to 3V.
I don´t think a breadboard is suitable for power switching applications. Special care needs to be taken with GND connections.I am testing the circuit on a breadboard
There must be soemthing wrong in your circuit.The output voltage at no load is 5V proper but under load, it drops to 3.2V.
I just recognized it´s 5V output, not input.With a 5V input voltage i never expect less than 4.4V at the output. Even when the MC is not working.
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