318 won't rev past 3000 rpm

Wow, I really appreciate all the suggestions so far guys. Here's the list as I see it so far:

Cap
Rotor
Wires
Spark Plugs
Check weights in dist for proper movement.
Diaphragm for secondary throttle blades (test/replace)
Weak valve springs
Control box (switch for orange?)
Filter sock in fuel tank

I have to head back up to Ottawa for school for the next week, so I won't be able to report back until next weekend.

With the control box, it doesn't have to be an upgrade-it's up to you how much money you want to spend just to slave one in, but if you're working with an OEM unit, upgrading surely can't hurt.

the filter sock in the tank is also very possible; my car sat in Houston virtually untouched for the better part of 8 years, and the top of the tank was completely rotted away...the fuel left in the tank from before it was stored resembled something out of the primordial era and clogged the fuel line all the way up to the pump.

Weak valve springs are definitely a possibility, but 3,000 is pretty damn low for valve float even if it was sitting for a few years...even my turd didn't drop off that fast.

All in all, I'm more inclined to believe the ignition or plugged exhaust to be a culprit...JMO