You did not describe your symptoms too good, but it sounds like your brake
booster is not working right. If you put a large amount of pedal force and
the pedal does not move, and the brakes barely respond, then I may be
correct. Look at the vacuum hose that supplies vacuum to your
booster. You may be lucky and the "air" sound you hear is a vacuum leak
due to bad hose connections or a bad hose. If that's the case, you may
also have a bad idle due to the vacuum leak. The leak could be internal to
the booster, in which case you will have to replace it. If the pedal sinks
to the floor with little resistance, and the brakes barely respond, then
you have problems in the hydraulic system, possibly just air.
I also noticed you have a 2 barrel carb on this engine. You may want to
install a 4 barrel. The fuel economy benefit is marginal (or more likely
non-existent) while the engine lacks the power it could have had. My
opinion in this is that your car sucks the gas one way or the other, you
may just as well enjoy it! This will not help you too much with your brake
problem though...
D^2