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ok. i was driving my '80 on a back road today and got up to about 45. when i got that fast i pressed on the gas even more, and it wouldnt accelerate. my car just started to get slower and slower because it wouldnt do anything when i pressed on the gas. when i did press on the gas it would make this klanky noise and my car would shake. and when i got out it smelled like something was burning...rubber maybe?
Did you look at the temp gauge?
Was it running very hot?
Sounds like you may have a frozen water pump or alt which could cause the belt to just slip on the pulleys.
A very hot engine will make a knocking sound..........
Could the klanky noise and jerking car be the carb backfiring, and could the smell be the backfire burning your airfilter? Check your timing, carb adjustments/tuning, and ignition wiring.