Got some weird problems that are pretty serious that I need help with.

1. When accelerating from a stop, I'll hear a click noise and the engine will go dead quiet.
2. The car throws fits and doesn't let me accelerate past 30-40 mph (sometimes).
3. Exhaust manifold is getting way too hot. Opened the hood today and it was molten red.
4. When trying to drive on the freeway it won't let me over 60, putting it into overdrive seems to make it worse. And at that point I can barely keep it going 60. It seems like it's revving incredibly high and it sounds like it's getting choked.

1987 240 DL. 3 Speed automatic with Overdrive ( I believe?)

This seems to me to be a serious issue. I won't be able to make it to work with these issues. I've been told that it was a transmission issues, problems with my mass airflow sensor, an intake leak, or a clogged catalytic converter.

This is my first 240 and I'm not too bright with them.
Serious help would be greatly appreciated.
Thank you.