went to give it some gas and and about halfway down the gas pedal lost pressure
I'm not sure what you mean by this statement. If you're referring to the fact that while pressing down on the pedal you felt the tension give way then I would look closely at your throttle and cable setup for the carb. I believe that the 76 has the cam cover mounted throttle assembly which does have a spring. Could you post a pic of that?
BTW starting a new for you car that's 42 years old and running it up to redline isn't a good idea unless you happen to know the maintenance history of the car like the last time the timing belt, oil, plugs, distributor cap, rotor etc. were changed and when the last valve adjustment was done.
If I were you I would not start the car again. Pull the plugs, get a socket that fits on the crankshaft nut and rotate the engine by hand in a clockwise direction when standing on front of the car making sure you see the timing belt rotate the crank, auxiliary, exhaust and intake sprockets and ensuring it rotates smoothly.