I had almost identical symptoms with a failed ignition condenser on my daughter's Triumph Spitfire. The engine would run like a molested monkey at full throttle, but any drop off wide open resulted in an immediate cutoff. I drove it home about 5 miles with the tach pegged, and used the 4-speed transmission to get whatever road speed was appropriate. Most of my neighbors thought my kid was acting up, so I had to field several concerned phone calls that night!
Jerry