We have carried out additional spectroscopic observations in the field of cluster Cl 1324+3011 at z = 0.76. Combined with the spectroscopy presented in Postman, Lubin & Oke (2001, AJ, 122, 1125), we now have spectroscopically confirmed 47 cluster members. With this significant number of redshifts, we measure accurately the cluster velocity dispersion to be 1016 (+126/-93) km/s. The distribution of velocity offsets is consistent with a Gaussian, indicating no substantial velocity substructure. As previously noted for other optically-selected clusters at redshifts of z > 0.5, a comparison between the X-ray luminosity (L_x) and the velocity dispersion (sigma) of Cl 1324+3011 implies that this cluster is underluminous in X-rays by a factor of ~3 - 40 when compared to the L_x - sigma relation for local and moderate-redshift clusters. We also examine the morphologies of those cluster members which have available high-angular-resolution imaging with the Hubble Space Telescope (HST). There are 22 spectroscopically-confirmed cluster members within the HST field-of-view. Twelve of these are visually classified as early-type (elliptical or S0) galaxies, implying an early-type fraction of 0.55 (+0.17/-0.14) in this cluster. This fraction is a factor of ~1.5 lower than that observed in nearby rich clusters. Confirming previous cluster studies, the results for cluster Cl 1324+3011, combined with morphological studies of other massive clusters at redshifts less than z = 1, suggest that the galaxy population in massive clusters is strongly evolving with redshift. This evolution implies that early-type galaxies are forming out of the excess of late-type (spiral, irregular, and peculiar) galaxies over the ~7 Gyr timescale.
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