"Now the wierd part is I was able to keep it idling for some 30 seconds but as soon as I touched the throttle the engine shut off. Does this point to an electrical problem?"
That sounds like a carburetor problem to me.
Have you had the carb apart?

"I was riding again purposely at the breaking point except this time as soon as I started to get the engine chugging"
So you can duplicate the problem by riding at the breaking point? What exactly is the "breaking point"?