318 won't rev past 3000 rpm
I would start with a basic tune up, including fuel filter and timing check (including operation of the advance mechanism).
I would replace the secondary vacuum diaphragm, just because, 14 years is a long time (while you are at it, poke the secondary butterflies with a screwdriver and make sure they aren't hung up).
You also have crap gas if it's 14 years old.