A sine wave has infinitesimally little bandwidth. By rotating, filtering appropriately and decimating, you can reduce the sample rate very much.
Each of these filtering operations is typically a summing operation, in which you "average" out noise (which isn't your main concern), but also get a more precise estimate for the amplitude.
Decimation in DSP is very commonly done. You'd probably want to do that anyway – 320 MS/s is really no fun to deal with, and you don't need that bandwidth.
Of course, you can also correlate with a synthesized sine, and measure the correlation coefficient to get the power/amplitude.
Other options are things like proper spectral estimators – there's a lot to choose from, including Welch's method, or Pisarenko-based approaches. Especially if your signal is noisy, these might be interesting, but it really depends a lot on what exactly you're measuring and how you model your noise.