In a small saucepan, stir together chili sauce, molasses, vinegar, and chili powder. Bring to boiling; reduce heat. Simmer, uncovered, for 3 minutes. Remove from heat.
Trim fat from chops. In a small bowl, stir together basil, paprika, salt, onion powder, and cayenne pepper. Sprinkle evenly over both sides of each chop; rub in with your fingers.
Place chops on the rack of an uncovered grill directly over medium coals. Grill for 12 to 15 minutes or until juices run clear (160 degrees F), turning once and brushing with chili sauce mixture during the last 5 minutes of grilling. Makes 4 servings