Sawford79,
I will be the first to admit that I know very little about hot saws. I know how to run them really bad, but I try. However, I do know a lot of people, including people on this board, that work on hot saws and do really competent work. EHP does excellent work and I think he's made some hotsaws from the frame up. Same goes for Tommy Fales and Dennis Cahoon - awesome work.
As I understand it, a good understanding of how small engines work helps a lot. A few guys that have done a lot of small engine work have built some very successful hot saws (James George comes to mind).
Possibly the best builder of hot saws ever, in my opinion, was and is Chauncey Varney. He was computer genius who worked for IBM. He got into chainsaw racing out of an interest for small engines. Some of the saws he built 20 years ago are still competitive today. Chauncey's study of how the engine worked was unparralled. I grew up in this sport and he was one of the two most intelligent men I've ever met who the circuit (the other was/is Dick Slingerland - he's so intelligent, it's scary).
I don't know if I should write this, but the story goes that Chauncy got tired of losing to Sven Johnson in the early eightys. Chauncy knew an awful lot about engines, but he failed to reckognize the importance of the filing on the chain. As I understood it, Chauncey took a picture of one of sven's chains while it was on his 250 Canam at a show in Vermont. He then blew up the pictures of the chain to poster size such that the tooth of the chain was about three feet across. From these poster size photos, Chauncey copied Sven's filing. As history goes, the next year Chauncey didn't get second place.
Good luck with learning about building the engines. Glens hit the nail on the head. An understanding of those areas will take you a long way. As for me, I can only tell storys.
all the best,
Jamie