Lots of good info and advice - I expected nothing less. I called my auto mechanic and since I supply the wood that heats his garage, he is more than happy to test the compression for the baseline. Turns out that he used to race motorcross, so he knows a little bit about two strokes, and he proceeded to tell me that he used to own a "four stroke bear of saw" way back when.
Given that the saw is running pretty good right now, I'm going to continue to use it with periodic compression readings. If things start to go bad, I now have an idea of the scope and cost of the work, and can make an educated decision at that point on repair/replacement options. and of course I'll need to factor in the "but honey, I need this new saw" argument.
btw, I switched over from Stihl and Oregon to GB bars and chains about a month ago, and I have nothing but good things to say so far. At nearly half the cost, they seem to hold an edge better with a good fast cut. And on that 044, its like a hot knife through butter. I've got a farmer friend who wants me to take out a hedge row of Osage Orange next month - can't wait to tear into it! 'might save that wood for myself.