By all your symptoms and your car being older than my daughter. Common problem with Buick, Chevy and Pontiac, your nylon coated timing gear (cam) shredded the nylon and your timing chain jumped.
Accounts for poor idle hard starting and will run at very high RPM until you put a load on it and it dies.
There are a few other things to check first, because the engine is a system... Air... Fuel... Fire and then all contained in a mechanical device regulated by crank position, valves, valve position, compression and gaskets that supposedly keep things where they should be.
First things when keeping these old beasts. Get good with; vacuum gauge, fuel pressure guage, volt and amp meter (VOM) and timing light.
**Not knowing how is just the reason needed to learn it. Or throw money at mechanics that are absolutely clueless without a scan tool.
I think we have ruled out the possibility of a worn nylon tensioner and subsequent skipped timing chain tooth. Logic as follows:
A friend came over with an inductive timing light with advance capabilities. We marked the groove on the fly wheel with white paint, started the car, (with great difficulty!) and checked the stroboscopic timing with the inductive sensor on spark plug wire number one.
At idle, the flywheel mark was within the range of the toothed timing demarcations, some few degrees before top dead center.
We advanced the strobe so that the mark was in plain sight and revved the engine. Sure enough the timing mark on the fly wheel moved in the advancing direction with RPMs, indicating to us that the car’s vacuum advance mechanism is functioning properly.
Are we missing something or can we assume with these observations, that everything to do with vehicle ignition timing is in order?
If so, any other ideas as to what is causing the following:
Great difficulty in starting the engine with a propensity to easily flood. Once started, the engine races smoothly, and normally, and upon warm-up and tapping the throttle, goes to a nice, smooth idle.
Putting the car in drive, and stepping on the throttle, causes the engine to sputter and stall every time.