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Marty, long time since I have heard from you! That cogged belt goes to your mechanial fuel injection pump. Without the belt no fuel is pumped to the injectors. Is the belt still in place or did it jump off or break? In either event this would not cause your engine to zoom up to redline. I suspect something is interfering with the throttle linkage. Pull off the air filter housing and take a look around. As to the car jumping out of gear, could be a lot of things. From a broken motor/transmission mount to bad shifter bushings to gearbox problems.
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Kurt V
No more Porsches, but a revolving number of motorcycles.
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