Soft cams were common on some GM cars is the 70's and a flat lobe would make them spit back in the carb once in a while. A weak spark can cause loss of power when accelerating, but that usually shows as a backfire in the exhaust. Checking spark is easy, just hold the coil wire 1/4" from a head nut and see if you have a good blue spark. Of course even a hot spark can still leak away through a dirty coil tower, bad rotor, or bad distributor body, which seems to usually leak between #3 and #4.
As Tbird said, try turning the GAV a bit richer, or pull the choke a little to see if that helps. If it does, then you know it's fuel related. If not, then look for other causes, such as sticky valves, burnt valves, weak spark. A vacuum gauge can help show a sticky valve. A compression tester will show a burnt valve.