I think you've got two potential problems:
1) You're low on refrigerant. It's quite likely, given the age of the A/C unit, and it will cause the symptoms you describe--air not coming out cold, and reduced airflow. It ices up your evaporator coil (inside your air handler).
2) Something is causing your A/C to short-cycle. The "something" may be the low refrigerant pressure (just happened to us a couple months back), or someone monkeying with the thermostat in humid weather. This will show the same symptoms--iced up evaporator leading to reduced flow and higher temperatures.
If you have a capable thermostat, set it to run the blower all the time, but leave the heat/cool setting to "off", so the system just circulates air. That will help melt the built-up ice and at least restore the air flow.