When you say that it cuts out, does it cut out dead when driving, or just cut out when idling/backing off the throttle at low speed?
Trying to work out whether it's an issue with not maintaining an idling running speed, or a total loss of power. Obviously numerous possibile faults (and remedies) but a few common ones are:
The microswitch on the throttle (decceleration/idle thing) lets the car know that the throttle is at the 'idle' position. Could be worth checking that (making sure it's closing properly and the contacts are ok) and the OVP relay if it's just not idling properly. The OVP relay is a small silver unit (about 1" square and 2" tall) with one or two blade fuses on top, situated behind the battery near the bulkhead. Check that the contacts are clean, and that the fuses are intact. Could obviously be faulty internally, but that would be a good start. You can check with a multimeter to see if there's a noticable voltage drop through the relay - if you're in doubt.
But if it's cutting out totally without restarting then it could be something like the fuel pump relay. They tend to give trouble when they're older and fail in a way such as this. No power to the fuel pumps - hence no fuel delivery.
When you say that it won't restart, after cranking it over for a while, is there any smell of unburned fuel in the exhaust? If not - suspect fuel delivery, hence the relay could be at fault. Easy to diagnose though - if you bridge the terminals 30 & 87 under the relay, it'll run the fuel pump continuously (don't leave it like that for long). Should be enough to rule it out or not though.
Any other info would be useful
Will