I had that exact same problem on my 1986 phazer with the 485 fan engine. I tried out a bunch of things (certainly not a scientific process) so I'm not 100% sure what fixed it, but here's what I did.
Cleaned Main Jets (They were perfectly clean, but I decided to spray them with carb spray anyway), clipped the plug wires 1/2", checked exhaust and air box for nests (didn't find any), and lastly I wire brushed the contacts between the chassis ground and the voltage regulator.
I think the voltage regulator wasn't grounded properly. It's also good to point out that one of the vehicle grounds (at least on the Phazer) is off of the voltage reg. I made sure I had good ground contact and liberally applied dielectric grease to keep it that way.
Now it runs strong all the way to redline. Not sure if it will solve your problem, but it worked for me.