It's complete garbage. Send it out west here for orderly disposal.
Seriously though, that is indeed a 74cc saw. Built on the same chassis as the 59cc 306A. Lightweight for 74cc indeed. Robust, strong, and reliable. Air filters and many other parts are getting harder to find, so you'll need to keep that in mind. For an everyday production saw...........look to newer, foreign objects. As a light duty firewood saw and
something to have fun with..................it's hard to beat. Looks like you have an earlier one, as it has the 'scrip' model number on the flywheel cover. That's the first 245A I've seen in that style. Other guys here probably have a few of 'em though. I've seen several 306's and 306A's in that style. That 245A will easily run a 24" bar (or even a 28"), but they ballance better with a 20". They'll run a 3/8-8 rim with a 20" bar for more chain speed too. I'd run a 3/8"-7 if mounting a 24" or 28" bar however.
That saw most likely has a governed Tillotson HS carburetor. The governor assembly is a large brass threaded plug on the side of the carb. That governer can make the saw 'seem' to be running richer than it really is. When tuning it, don't go much less than 1-1/8 turn out from seated on the high side. Many of us disable the governer using a disc cut from copper, a beer can, or a welch plug from a carb kit. You unscrew the governer when rebuilding the carb, then put your disc into the governer hole before threading in and tightening the governor body. Put some gasket sealer on the threads of the governor. I wrote down what size punch to use when cutting out the governor disabling disc..........but I left the paper down in the shop. I'll be in there tomorrow morning, and will post the size up here.