Possible distributor troubles?

My 85gt has the stock 302 H.O and it hasn't run worth crap since i bought it. It has a major bog from any rpm when you hit it and it will almost stall out but even when it gets past the bog it has absoutly no power. I was told by some buddies that it could be a mix of a bad Carburator and Distributor. I just want some second opinions from guys that actually own 5.0s. Help would be great!!!!
 
Carb: is the accelerator pump working? When you take off the air cleaner and look down the carb, move the throttle to wide open. You should see the pumps squirt equal amounts in both primary barrels. Is the carb vacuum operated or mechanical secondarys? Have you checked the power valve to make sure the diaphram in it isn't ruptured?