Something got plugged in the exhaust and then it blew out, blowing out material because of the high pressure that was built up under your hard acceleration. I've seen exactly this in my Ford 460 and at 80 k miles.
Everything was fine and just as I started climbing a grade and accelerating, boom, lost so much power it would only idle, check engine light on, obd1 though. so I did not bother with codes. Turned it off. Inspected, restarted, hit the accelerator and I heard a muffled backfire and crap flew out the exhaust and then all was well. In my case it was the cat. Since it had already blown out the plug and more, I just left it, as otherwise the exhaust system was solid.
Everything was fine and just as I started climbing a grade and accelerating, boom, lost so much power it would only idle, check engine light on, obd1 though. so I did not bother with codes. Turned it off. Inspected, restarted, hit the accelerator and I heard a muffled backfire and crap flew out the exhaust and then all was well. In my case it was the cat. Since it had already blown out the plug and more, I just left it, as otherwise the exhaust system was solid.