I feel its also important to mention, this 250w ballast will only be used to current limit power to transformers or to safely work on things. NOT used on lamps. How many watts would a 250w ballast put out on 60hZ?

Just did another test on a 240v 175w 60hz choke, when I put 120v into it, I can put a 40w bulb on the output and its almost at full brightness. When I put 100w on it, it again is half power. I assume the voltage drops and the current gets limited?

Yes...