Holy crap!

You've got a serious binding problem.
What is the angle of the pinion? What is the angle of the trans tailshaft? Are you sure the rear end is centered in the car correctly, as is the engine and trans?
I'd have that rear end double checked too. Check the mountings and the internals.
On first look I'm wondering if the rear is going completely negative on pinion angle (down below level) under power.
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462 cid/ 6x-4/ TH400/ 3.36:1/ 28x10.5/ 3880#/ 12.35 @ 109.36/ 1.69 60 ft/ 4 wheel disc brakes/ 15 mpg