I don't do it very often, but whenever I rev it up past 2500RPM while not in gear the engine just cuts out. It starts up again just fine right after. Sometimes it will die while idling at a red light without warning. Could anyone provide some insight or a solution? It's a 305 TPI with a 700R4 if that helps.

 

Large or small cap distributor?

I've seen the pickup wires inside the distributor cracked enough that when the vacuum advance plate moved, the gap would open up and would kill the engine. Engine dies, advance plate moves back letting the wires make a connection again and the engine runs normally.

Best guess, you need a new distributor or a complete rebuild of the current one.

If it's a small cap distributor then there is no mechanical or vacuum advance. It would all be controlled by the ECM.

Distributors don't last forever. They do wear out. If yours is still original, it probably needs to be replaced.