It certainly sounds like you have checked all the right things. To tell you the truth I have never really found these engines to be to picky about valve clearance as long as you get it close. I actually sold an M because I could not get the exact same problem fixed. I had a 450 with the same issue and changed the coil (twice) and that fixed it. Why? I have no idea why the first new coil did the same as the old one. That chugging sound when is the most annoying thing there is to me. Hope you can find the problem and sorry I could not help.
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