It's fixed... finally. Earlier this past week I cleaned out the fuel tank and added new fuel plus a little alcohol to absorb any water I missed. No change. Same thing as before; after about 45 minutes it started those really loud misfires(like shotgun blasts).
Then I ordered some parts and of course it rained. Today I installed them and it seemed perfect. I didn't geta chance to run it very long, however now when I engage the electric clutch for the blades, it grabs quickly with no more of that putt-putting as it works itself up to speed. Power is back.
So what did I replace? Both ignition coils and spark-plugs. Now I've replaced ignition coils on this machine before but never had the misfires sound like really bad backfires, hence my original post.
Even though the old coils and plugs weren't that old, they do look in rough shape;
Thanks for all the replies!