I was just curious when you said the clutch drum was smokin since that usually means the clutch is still turning and the drum is stuck (due to misalignment, incorrect install, bearing bad, bar pinched, bar/sprocket clogged) and that would mean the saw has decent power. I also was wondering this since the oiler was replaced so the clutch would have to be taken off, was this done with an impactor and what was used as a piston stop since the usual plastic piston stop for the 044, 440, 460, 461 that sits in the squish band won't work, neither will the one i have for a 201t, with the smaller plug hole, maybe just used the rope method?. Since it was new it probably wasn't that tight anyway. Your saw does not have the quickstop chainbrake, that feature was very unpopular and shops could barely get rid of a saw with that, the handle is very large on that compared to the normal throttle lock.
Either way something is bad with the saw if the compression is really that low, but the reading can be affected by where the schrader valve is on your tester, what does the adapter or hose on your tester look like?
When i say they are turds brand new i mean they should still cut well with light pressure thru softwood and hardwood and hold rpm but don't expect to put on a 25" bar and blaze thru a 20" oak when leaning on it just cuz its a new saw. You can put a lot more pressure on the bar once broken in and they cut great.
One more thing, my 462 brand new would blaze thru wood with a 20" bar but couldn't clear chips fast enough and the bar and sprocket tip would get clogged and sieze until i cleared it....i was used to running a loose chain with my older saws with the wrap style larger chip deflectors. Anyway, i put the chain a little tighter and the chips don't clog the bar anymore, though id still like a larger clutch cover but they are expensive of course.
Final summary: I think your saw is low on power and is defective. My comments are just other potential things that can happen with any used or new saw.
https://www.stihl.de/gebrauchsanleitungen-sicherheitsbroschueren.aspx?Search=ms+362
