This may or may not be the problem, but I had a similar issue with a Chevy Suburban, with carb, of that vintage...under high load it would just cut out. Turned out it was water in the fuel tank that you would have no issues while at idle in the driveway, but when you would demand full fuel flow, it would flat die out.
So, I used a couple bottles of HEET to help clean it out and eventually just dropped the tank and cleaned it out. Corvettes of this vintage tend to sit, especially in the winter and condensation can be a real problem.
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C3: 1979 Corvette Coupe, Auto, L-48, Red/Doeskin (my wife's fave);
C4s: 1986 C4 coupe (SCCA road race car), satin black, 4+3, Z51 package, L-98; & 1993 C4 coupe, white, 6-speed, LT-1.