I have to confess, I've never owned an early camaro with cruise, nor ever had any issues with cruise on any of my later cars, thus I've never delved into them very much. But since I was something of a 'controls engineer' for many years, I can't help but try to help you...
Someone posted a diagram on TC showing the cruise control diagram. Apparently the speedometer cable from the transmission runs to the 'CC REGULATOR', and then to the speedometer itself. If your speedometer is reading the correct speed, then the cable itself from the trans must be good and working into the regulator.
I'm hypothesizing here, but apparently the speed input (speedometer cable from the trans) causes the 'Regulator' to control the amount of vacuum which is fed to the servo unit itself. The servo unit utilizes this vacuum to tug on a a chain 'pull' to increase speed (until the setpoint is reached - as set from the Cruise control). Apparently when you 'set' the speed (the speed which you are cruising at the time), the Regulator knows this is the speed you desire (by the amount of vacuum that the engine is producing?), and either acts to speed up, or slow down, the engine speed (thru the servo) to control that level of vacuum??
I suspect your servo is working corectly since it's actuating the accelerator. It's likely the regulator that isn't working correctly. Since there's a mechanical aspect to the regulator (which functions based on the speedometer cable), your likely problem is there since I'm assuming you've verified all the vacuum connections and hoses per the diagram??