Classic/Antique Car Repair: flooding/blue black smoke, lincoln continental, catalytic converter

Question
Since you couldn't help me last time maybe you can help me with this. Thanks for the quick response last time. There's a 1978 Lincoln continental it's either a 6.6 or 7.5 I think anyway if those are liters were made by Ford I'm pretty sure thay were. Am I correct on that? Anyway it cruises threw town just fine all day no problems. When we try to get up to speed theres where the problems starts, on the high way starting out it does fine then getting over 50mph it starts smoking. Then when we hit a hill it looses power and starts to chug out, press the gas more it just wants to chug out more. I think it's fluding its self out. So can you help me with this one? Thank you

Answer
If you can rephrase your previous rambling rant, I will be glad to try to help you with it also.  

Sounds like you have exhaust blockage (possibly catalytic converter, collapsed pipe, bad muffler) If you problem is related to the smoke, your PCV may have failed.  But I believe the smoke is a result and not a cause.