Aakash:
@Nick - Should I go lower than -B5 rate?
-B5?
I set mine to run at 128 KHz and could reprogram it with -B250. So, no.
@dc42 - I have Saleae Logic analyzer, should I be able to use that to test if there is a signal being outputted?
I don't think that's relevant.
Have you reprogrammed the high fuse by any chance?