my 1987 has no power, but idols fine, almost like im getting to much fuel

check your fuel filter if ok check fuel pump for pressure

check your cat. converter its plugged up feel how much exhaust is coming out of the exhaust.

I unplugged the sensor to the Cat, and it doesn't make any difference, seems to be the right amount of exhaust coming out. After driving it with no power, I smell fuel....

if you smell fuel from the exhaust check your air cleaner it maybe restricted causing it to run rich...have you checked the fuel pressure????have someone rev the motor while feeling the exhaust it may past enough at idle but won't move enough above idle...

Try removing the air filter to expose the throat of the carb. Start the engine. If it revs there is a problem with the filter.