Jason,
One step at a time.
The lack of power can be any number of things. Make sure the engine is in good tune. Plugs, Cap, Rotor, Wires. Make sure the air filter is clean and the fuel filter is replaced. Second, Your car has (or should have) a catalytic converter - these can plug up and restrict exhaust flow. The engine will idle fine but have no power on acceleration.
The brakes sound like they are worn. You may need new pads and shoes. The noise you here may be a leak in the power booster (some noise is normal).
The front suspension on these cars is a little "loose" when compared to some newer cars. The steering assist is calibrated to provide very low effort. Someone that knows what to look for should check the front suspension. A broken ball joint or tie rod end is no fun.
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1966 Ninety Eight Convertible - 425 Tri-Carb, Factory Dual Exh, Switch-Pitch THM400, 3.54 Posi.
1966 Catalina Wagon - 421 Tri-Power, M21, 4.11 Saf-T-Trac, 8 Bolt Wheels
1989 IROC-Z - 5.7TPI
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