I actually talk about most of that stuff in that thread. The only way to learn is to get in there and start doing it. It'll start to make sense once you have the cylinder in your hand and reread the thread.
Here's what I recommend for starters.
Don't do anything to the transfers, period. You can make tremendous gains without modding them.
Do not raise or lower the intake or exhaust ports. Widen them only. Mark the ports on the piston skirt and then widen them so that there's only about 1/16" left to seal the port. DON'T go any farther though. Keep in mind you have to rebevel the port too. You also have to watch out for where the ring ends are. They are often right at the edges of the port. In that case you may not be able to go as close to the edge of the skirt. You MUST leave cylinder wall for the rign to ride on as it goes past the port window! I wouldn't leave less than 1/8".
Remove the casting lines from the windows in the piston. Also angle them on the inside as I have shown in the 361BB porting thread.
Don't make the roof or floor of the ports too flat. The flatter they are, the more area you open the fastest. But go too flat and you're likely to catch a ring even after beveling.
Make the walls of the ports straight up and down. If you leave them curved, you're not opening the port area as qickly as possible at a given point in the rotation of the crank. You want maximum area as soon as possible. A totally square port would be the max but won't work as described above. It's a balancing act.
Use a round stone to rebevel the ports. You don't need a huge angle. It only needs to be a few thousanths deep. The ring doesn't go into the port window that far. Just lightly round off the edges of the port so that the ring won't catch on it.
Reassemble the engine using a gasket made of any paper or soft metal that will give you a squish of about .020". I've used get well card, pop can cases, etc.. Make sure to use a fuel resistant sealer like Threebond 1104/1194.
A little about port timing. Port timing on the exhaust port is measured off of the roof, closest to the combustion chamber. The critical point is where the port window first opens as it travels from TDC. Do not lower the floor. You may have the port open with the piston at TDC. That's not desireable and lowering it will give you no performance gains.
Intake timing is measured from the floor of the port. That's why some "port" the intake by removing material from the bottom of the skirt of the piston. It's best to lower the port when needed. Again, you don't need to do this on your first saw. Do not raise the roof or the rings may drop below the top of the port and catch. Some actually drop below by design, but there's no gain to be had by raising the roof of the intake.
Correct me where I may be wrong guys. I've only been doing this a couple years.