George,
Its sounds to me that your Power Booster may be shot. You have a few choices here that you will need to make and it will cost you no where near (Five Hundred Dollars) as you suspect. You can pull your booster out of the car and send it out to be rebuilt if you care to keep the original booster in the car. You can go out and purchase a remanufactured Power Booster. Some places that sell them may want yours as a Core to cover your Core deposit. The other choice (which would be my choice) is to buy a brand new one.
By purchasing a new one you would still be able to retain the original one still worth some money to resell or to keep and sell with the car down the road as an original part to the car. Collectors some times are picky about numbers matching parts. Hope this solves your problem and cost factor. I have had plenty of experience with these older Vettes since I purchased my first one in 1971 a used 67' Vert. Have owned at least one every year since then. As of right now I own two older Corvettes a C-2 and C-3 and don't plan on ever selling them. Good luck with yours!
Fred
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Sunday, February 4th, 2007 AT 3:41 AM