Start with a Muffler Mod. Either replace the muffler cover with a dual port, or drill 2-1/4" holes on the right side of the cover (above interference with the saw). Make sure you remove the muffler cover before doing this and clean it well before re-installing. I often screw the muffler cover to a board on my trailer to drill it.
Also, replace the air filter with a hi-flow unit, like an HD-2 or steel screen winter filter.
Next, remove the flywheel and file the right side of the key .020 above the part that fits in the crank. Insert the flywheel and turn it against the key, then tighten it. It will provide about 6* of timing advance. (The nut holds the flywheel in place, make it tight or the key will shear). Also, make sure you clean the surfaces well.
Next, pull the plug and check the squish. You can usually do a base gasket delete. Remove the cylinder, scape off the gasket, clean the surfaces very well and glue the cylinder down. This will likely give you about .020 squish. It will boost compression, and the length of your power stroke!
Depending on your cylinder, porting may help. The Red Lever saws were generally made late in the 044 cycle before the 440. They generally had good porting (My P+C is KS). I liken the red lever saws to the Muscle Cars made in the late 60s as they achieved a temporary "peek".
Brake cleaner works well for cleaning all these surfaces. If they are not clean, your flywheel with spin and your cylinder will leak.