Alright guys the cause of failure is a faulty ignition module. Welcome to the world of digital spark advance with integrated rev limiter ignition. So try to diagnose a faulty ignition without loosing spark. Symptom mimics a chainsaw or trimmer that is running out of fuel in the tank.
First time I came across this was with a Dolmar PB 251.4. Blower would run about 30-45 minutes and then would start bogging and would die unless you released the trigger. Would idle all day long. Since this blower is 4 stroke, I changed the fuel lines, replaced the spark plug, adjusted the valves and replaced the carb. Still would not fix the issue. Contacted Dolmar and talked to tech support. And after talking to the head guy he determined that it was a faulty ignition module. Replaced the module and ran like a new one. Since then I have probably replaced 20 modules over the last 10 years.