Yes Duke, I'm also leaning towards a fuel supply issue. I think I need to check the fuel pump relay and the fuel pump itself. I've not checked fuel pressure as I don't own a suitable gauge for this. Flow has been established at 1500-2000ml per min, hot or cold. However I don't usually carry pliers and a graduated bowl to test the pump as soon as the bike acts up, so I might have to do just that.
It may be important to note that I am checking fuel flow by connecting the pump directly to the battery which excludes the relay from the inspection. Maybe it would be better to test fuel flow while cranking when it fails to start?
Back in 08 I did a big job on my bike which included changing cooling system elbows, o-rings and hoses, and cleaning and synching carbs. I documented the whole thing with pictures and text, and it ended up being one of the longest threads back on the late My-MC. It also covered testing, bypassing and ultimately replacing the fuel pump relay with a second hand relay I bought from a forum member. It's really a shame that all that info went to waste when that forum was shut down. I didn't save any of it and now am having a hard time finding any instructions on how to bypass the fuel pump relay. If I'm not mistaken, it involved shorting two prongs on the connector but I have no idea which.
There is a pretty informative thread here about placing a facet pump in the fuel system which would ultimately be lodged where the cuttoff valve used to be. However, these pumps aren't available in my country and getting it shipped from the states would take some time.
Anyways, I guess I'll bypass the pump relay as soon as someone directs me to a "how to" thread and then do further testing. If that doesn't work I'll have to search around for low pressure electric pumps. If anyone has an idea of an automotive equivalent for a suitable electric pump, I'm all ears.
Please thank your brother for me for his suggestion on an engine ground. I'll keep that in mind once the fuel starving issue is ruled out.
Thanks again!