I've reviewed the suggested threads, but I do not see one that captures the essence of my query.

Bascially, I want to set up a generic Chat ID called "Customer Service".

Users would open a chat to this ID and ask their question.

On the backend a monitoring module would look for CHAT available CS Agents, and route the call to the first available.

IF no one is available the user would recieve a reply that there is X minutes wait and give them the option of waiting or getting a chat back when someone comes available.

Has anything like this been developed?

I haven't seen something exactly like that, but it sounds pretty close to IManExpert: http://research.microsoft.com/en-us/projects/imanexpert/ 

That's worth checking out I'd say.