I know there is a time and place to chase a gutshot draw (i.e. pot odds). Please give some examples of how this play has paid off for you.

You're assuming you've been in the hand for a few bets in order to get those pot odds. Basically, don't ever chase a gut show draw unless you have something else working for you. We all remember the story of the farmer who lost two of his three farms chasing a gut shot straight draw and losing the third farm when he finally made one.