Update:
Finally got to run her today at the lake and

,... she ran like a champ. That new hose barb did the trick. I ran the motor for about an 1 1/2 hours at various speeds without a hiccup. So needless to say Im Stoked. 8)
Heres the Culprit

That ball was completely jammed.

Thanks everyone for the all suggestions, Its finally FIXED.
