Hey Guys. Just an update on this.
Thanks again for all the inputs and suggestions.
I got the new TPS yesterday - thanks again darrsi! changed the throttle cable and installed the carbs. Spent couple hours trying to get the cable slack right - jesus they could not find a better place to put those screws locks!
But could not get the throttle to snap back in place. Removed the the throttle cable holder on the handlebar and start thinking that the last owner might had changed the original handlebar grip as it was a bit tie.
Solution: Got my power drill, connected a metal brush and removed the excess of inside of the grip.
Bingo! Throttle cable slack adjusted and throttle snaps back.
Now going to sync the carbs.
Can not wait to put this beast on the road again.