uhhh...
I don't see anything here that represents gravity.
How much force gravity applies is dependent on the mass of the object. So you usually don't try to get
force, but instead
force per unit of mass, AKA
acceleration.
If you want to describe earth surface-gravity pretty much accurately, you just have to say that the
acceleration is constant. IE:
rem 9.8m/s^2 is approx 32.15ft/s^2
rem init gravity variable
rem we're starting at a freefall
rem so gravity 'has no effect' on the object immediately
local gravityAccel as float
gravityAccel=32.15
while
rem timeElapsed()= milliseconds since last update
rem expressed to the thousandths (.001)
inc objectvelocity,gravityAccel*timeElapsed()
endwhile
So, for the standard view of surface-of-the-earth gameplay, downwards acceleration is constand.
Of course, as you get closer to the object you're being attracted to, the acceleration due to gravity increases, but this is an inverse relationship, and doesn't represent your pseudocode at all.
THIS represents gravity:
F=G*m1*m2/r^2
the force pulling the two objects, masses m1 and m2, at a distance r, is F. G is called the "gravitational constant", and is a very very small number.
If you say that one object needs to be locked in place (IE the earth), then you can say:
A=G*m/r^2
Just to check my math,
mass of the earth=5.9742 × 10^24 kg
radius of the earth=6378.1 km=6378100 m
G=6.67300 × 10^(-11) m^3/(kg*s^2)
6.67300 × 10^(-11) * 5.9742 × 10^24 / (6378100)^2=9.79982305 m/s^2
not bad, huh?
[edit]
also, using "feet per second" just makes it harder on yourself. keep in mind:
feet and meters are both measures of distance
pounds and newtons are both measures of force
slugs and kilograms are both measures of mass
Not many americans seem to know about "slugs", but it's right up the alley of feet and pounds. Pounds don't necessarily correlate to kilograms. one pound on pluto could be a million kilograms. Use the metric system!!!

Why does blue text appear every time you are near?