So my ZXR400 (L1) has a weird issue:

If I full throttle I get full response, but if I throttle it and then put the throttle position where it's borderline off, but partially on, the bike is making a strange noise and the revs will slowly drop, they will eventually hold at 5-6k which is fine as I'm cruising, but the exhaust sounds funky-hard to explain..
Basically at 1/8 throttle position AFTER I've given it some good amount of throttle, the revs slowly drop (normal, to match the throttle position) but the bike is making a strange vibration/hesitant/bleeeeeer sort of noise, if I then wack the throttle open I get full response, maybe a tiny tiny amount of hesitation but nothing of concern - anyone know what this could be? Carbs?
Carbs have been balanced, bike serviced, new exhaust system (does it on both systems) I'm lost!